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How fast is fast enough? Ask Guaranteed Rate, which just launched “5 Minute Approval” for mortgage applications.

This new “innovation” from the Chicago-based mortgage lender allows borrowers to get approved for a home loan in just five minutes.

Interestingly, it comes not long after their Same Day Mortgage, which apparently wasn’t quick enough for some.

It might also be a sign of the times, with mortgage application volume at its lowest levels since the 1990s.

As the name suggests, customers can get approved for a home loan in as little as five minutes and possibly close in just 10 days.

How Does This New 5 Minute Mortgage Approval Work?

Those who are in a really big rush to get a mortgage can now take advantage of Guaranteed Rate’s so-called 5 Minute Approval.

As noted, the company only just launched Same Day Mortgage back in March, but apparently they had their sights set on faster.

And faster is exactly what this is. How it works appears relatively simple.

You visit their website, access the secure portal, sign the initial application package, then upload any requested documents.

This can apparently be done without any human interaction as well, and is about three minutes faster than Rocket Mortgage’s 8-minute full approval launched back in 2015.

To date, Guaranteed Rate has “successfully approved” more than 100 loans within 5 minutes via their pilot program.

It’s unclear how much is needed from the borrower as they didn’t provide the details, but that obviously seems lightning fast.

Also not totally clear if this is a full loan approval or a more basic mortgage pre-approval.

Simply visiting a website and filling out a form can easily take five minutes, so my assumption is they aren’t asking for much here. It’s unclear if credit is pulled, but I’d guess at least a soft pull is required.

If document upload is needed, that would likely take several minutes to track down from other websites.

Perhaps they allow applicants to link bank accounts, pay stubs, and other key information to speed up this process.

Either way, only a cookie-cutter vanilla loan scenario is going to get a mortgage approval in as little as five minutes.

This means a W-2 borrower with good credit and nothing out of the ordinary. And perhaps really fast fingers and a fiber internet connection to make it through the application in record time.

Jokes aside, it’s available for both home purchases and mortgage refinances, assuming you’re the impatient type. Okay, I guess one more joke.

Guaranteed Rate President and CEO Victor Ciardelli notes that you can even be touring a house and generate the insanely fast approval while you’re walking around.

Is Speed Still Necessary in Today’s Cooler Housing Market?

While it feels like a distant memory, there used to be a waiting list to refinance a mortgage at certain banks.

And many loans took two months or longer to close, due to unprecedented demand related to record low mortgage rates.

Several years ago, just getting an underwriting decision could take a couple weeks.

Not so today, with mortgage application volume down to 1996 levels, per the latest report from the Mortgage Bankers Association (MBA).

But despite depressed levels of demand, there are still bidding wars and multiple offers on many home sales because inventory is also rock-bottom.

At last glance, months’ supply was hovering around three months, which is well below a healthy market at 4-5 months of supply or more.

So it’s not just low demand, it’s also a story of very limited supply.

Guaranteed Rate cited Zillow data that found 48% of homes for sale still receive three or more offers.

This means it can still pay to have a mortgage approval in-hand if and when you tour a property.

Of course, a same day approval vs. five minute approval might just be splitting hairs.

Perhaps more importantly, Guaranteed Rate says applicants can close on their home loan in as little as 10 days.

Getting to the finish line that quickly seems a lot more valuable than rushing through an approval at the start.

Read more: Guaranteed Rate’s OneDown Offers a 1% Mortgage and $1,000 Toward Lender Fees

(photo: Steve Austin)

Source: thetruthaboutmortgage.com

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While mortgages often pave the way to homeownership, a new report from Goldman Sachs Group revealed that cash has truly been king over the past year and change.

In fact, the investment bank’s economists revealed that more than half of all homes that sold in the United States last year were purchased with cold, hard cash.

The same goes for all the homes sold so far in 2013 – more than 50% are apparently being scooped up sans mortgage, which explains why prospective buyers are having so much trouble getting their hands on their dream home.

The researchers gathered their data from four different sources, including home sales figures from the Census Bureau and National Association of Realtors, along with mortgage origination data from the MBA and Lender Processing Services.

Who Is Forgoing the Mortgage?

While it’s not entirely clear who is using cash, most speculate that it is the hedge funds and other groups who have been buying bundles of single-family homes on the cheap, following Buffett’s advice to invest in residential real estate.

For the record, the Oracle of Omaha also recommended that Americans get a low rate, long-term fixed mortgage.

There is also the wealthy, who have forgone mortgages to beat out bidders who must qualify for a mortgage to close the deal. Sellers are much more willing to take an all-cash offer, seeing that lenders have become a lot more particular in recent years.

And finally, there are foreign investors, who are trading in their piles of cash for residential real estate, thanks to bargain basement prices relative to where they stood several years earlier.

20% of Home Sales All Cash Before the Crash

Before the housing boom turned to housing crisis, the cash-share was a lot lower, closer to 20%, per the economists.

By dollar volume, around 30% of purchases were furnished with cash, a number that has since doubled.

Looked at another way, only about 44 cents of every $1 of homes being sold is currently financed with a mortgage, compared to 67 cents before the crisis took hold.

There are a number of reasons why financing numbers are down. For one, home sales have been a lot lower since the crisis. While things are beginning to pick up, they’re nowhere close to where they once were.

For example, purchase-money loan originations hit about $1.5 trillion during the peak in 2005, but have since fallen closer to $500 billion over the past couple years.

While that’s part of the story, Goldman estimates that 40% of the decline is the result of less financing per home.

There’s also the idea that buyers are coming in with larger down payments, with zero down financing largely a thing of the past.

The upside is that purchase mortgages seemed to have bottomed. The economists see purchase-loan volume increasing about 50% to $750 billion in 2014, and to $1.1 trillion by 2016.

So there is hope for the purchase market, it just might take a while, which is bad news for brokers and loan officers trying to make a living, especially with refinance business expected to tank.

Read more: When Qualifying for a Mortgage Isn’t Enough

Source: thetruthaboutmortgage.com

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Today’s big to-do was the release of August’s Consumer Price Index (CPI), a critical inflation report with the power to significantly influence rate momentum.  In a nutshell, if inflation came in higher than expected, odds favored higher rates and vice versa.  Luckily, those odds didn’t pan out.

While headline inflation at the core level (excluding food/energy) was right in line with expectations in year-over-year terms, the monthly count was a bit higher than expected.  The variation is due to rounding (i.e. core monthly inflation was 0.278% but rounded up to 0.3%). Markets had been expecting 0.2%.

The 0.3 vs 0.2 result in monthly core inflation should or could have been enough to push rates higher today.  Indeed, bonds initially agreed as both 10yr Treasuries and mortgage-backed securities (the stuff that dictates mortgage rates) shot to their worst levels in several weeks in the moments following the data.

But then the paradoxical reaction set in.  After about an hour, bonds were back to pre-data levels and they continued to make modest improvements into the afternoon.  This allowed the average mortgage lender to offer slightly lower rates compared to yesterday, but the change is small enough that it would only show up in the form of slightly lower upfront costs (the rate itself would be the same as yesterday).

As for the “why” behind the paradoxical reaction, let’s put it this way: if rates had moved slightly higher today, we wouldn’t take the time to tell you why they should have gone lower, nor would we have much to point to inside the CPI data to support that conclusion.  As such, the best we can say is that traders must have been braced for an even higher result and the actual numbers were close enough to the range of expectations to avoid triggering new concerns.

Source: mortgagenewsdaily.com

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The growth rate of inflation has been falling for a year, but mortgage rates are still near multi-decade highs. Why? While it is true that mortgage rates traditionally fall alongside inflation, I believed 2023 was going to be about the labor market. This was the core premise of my 2023 forecast, and so far it has worked.

In my 2023 forecast, I set the range on the 10-year yield between 3.21%-4.25%, emphasizing that the bond yields can go lower than 3.21% only if the labor market breaks — which would require jobless claims to go over 323,000 on a four-week moving average. The labor market is not as tight as it used to be, but jobless claims are not breaking either. As shown below, 229,250 on the 4-week moving average is historically deficient.

From the Fed: In the week ended Sept. 2, initial claims for unemployment insurance benefits declined by 13,000 to 216,000, the lowest level since February. The four-week moving average declined by 8,500 to 229,250.

After today’s CPI inflation report, we can now look at a one-year data line set comparing the 10-year yield and the growth rate of inflation to see that we had lower mortgage rates with hotter inflation data. While the data below is headline inflation, not core inflation, we have made good progress from the 9% plus year-over-year inflation growth data we had last year.

What do we think about mortgage rates and inflation now? Let’s take a look, since one year ago today, I went on CNBC and talked about how the growth rate of rents cooling off would be a 2023 story, and it’s a good one for inflation.

Today’s CPI report was firmer than expected, but the core disinflation story remains intact and this is key for the Fed and what they will think about in the future.

From BLS: The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6 percent in August on a seasonally adjusted basis after increasing 0.2 percent in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all-items index increased 3.7 percent before seasonal adjustment.

As shown below, headline inflation has increased over the past two months as oil prices have risen. However, core inflation is still in a downtrend. The Fed has always stressed that core inflation is key, so even though we made better progress with headline inflation, that doesn’t matter to them as much as core inflation.

A longer look at core inflation, where the Fed focuses its energy, shows a lot of progress from last year, but it’s still historically high compared to COVID-19 trends.

Also, the biggest component of core inflation is shelter inflation, which has legs to go lower for many more months. This data is much lower in real-time, so the core inflation data isn’t far from the 2% that the Fed targets. The Fed knows this, too.


Now, why is inflation data more important going out? The Fed has talked about rate cuts next year, even without a job loss recession, because they believe rates are currently very restrictive with the inflation growth rate. Now, as long as the inflation growth rate falls, they will cut rates a bit to ensure the U.S. doesn’t go into a recession where they will have to cut more than they like. So, for the first time in a while, the groundwork has been laid for a rate cut with the growth rate of inflation falling.

For 2023, the key data line I was tracking was jobless claims, even more than the inflation growth rate. Next year will be different. As I am writing this right now, the 10-year yield is at 4.25%, and we are at the peak of the forecast for 2023. Going into next year, we do have a lot of key economic data to track, but for the first time, we can see we can get rate cuts without a job loss recession.

This is why it’s important that the growth rate of inflation is falling, but it will influence the Fed and mortgage rates more in 2024 than 2023.

Source: housingwire.com

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A new study from credit reporting agency TransUnion revealed some interesting insights about credit card use and mortgage performance.

The report titled, “TransUnion Minimum vs. Actual Payments Study,” found that roughly four in 10 consumers pay off their credit cards in full each month. Of the remaining six, about two will only make the minimum payment due.

Those who pay off their credit cards in full each month are known as “transactors, “ while those who carry debt from month to month are known as “revolvers.”

TransUnion found that the latter group tends to get into trouble on other loans, such as auto loans and mortgages.

To measure just how much worse these revolvers performed, the company came up with two new metrics.

The first, known as “Total Payment Ratio” (TPR), is calculated by dividing a consumer’s aggregate monthly credit card payment by the total minimum due on all their credit cards.

So if a consumer has five credit cards with a combined minimum payment due of $250, but pays a total of $2,500, their TPR would be 10.

Per the study, this would land the consumer in the middle bracket, which has heightened risk of mortgage delinquency, as seen in the chart above.

It is consumers with TPR’s north of 30 that perform best on other loans, with mortgage delinquencies significantly lower than those with much smaller TPRs.

The worst group is those with TPRs below 1.03, otherwise known as those making the minimum payment, or perhaps a tiny bit more.

For these revolvers, the 60-day mortgage loan delinquency rate jumps to 1.98%, compared to fractional rates in other categories.

Then there’s the second metric, known as “Aggregate Excess Payment” (AEP). This is essentially the difference between the total minimum due and the total payments made on all of a consumer’s credit cards.

So for a consumer who owes a minimum of $250, but makes total payments of $2,500, their AEP would be $2,250.

At the same time, if a consumer only has minimum payments that total say $50, and makes a $300 payment, their AEP would be just $250.

Per the second chart, this would make them a greater mortgage default risk, even though they made much more than the minimum payment due, and perhaps the total amount actually due.

[A Mediocre Credit Score Will Cost You Big on Your Mortgage]

Two Important Takeaways

In other words, the best mortgage borrowers are those who pay much more than they owe each month, and at the same time make large payments.

It’s obvious that those who pay much more than what is due are lower credit risks, but the large amount is a more interesting takeaway.

You basically have to make an excess payment of $1,000 or more to wind up in the lowest mortgage default bracket in their study.

So this means the best consumers are those that are capable of carrying large amounts of revolving debt and subsequently paying it all off quickly.

For the record, mortgage underwriters like borrowers who are able to demonstrate history of supporting sizable debt, not simply those with high credit scores.

If your credit history only includes a few low-limit credit cards, you’ll have a harder time qualifying for a mortgage than if you have other installment loans, like auto loans/leases, and prior mortgages.

These big loans prove that you are/were able to manage large amounts of debt, which is exactly what a mortgage is, a giant chunk of debt.

So while making on-time payments in full is great, it seems you’re still missing something if you aren’t actively spending on your revolving credit lines.

All of this is important, as it could change the way mortgage lenders look at prospective borrowers in the future.

It doesn’t mean you have to go out and spend like crazy on your credit cards, but big spenders who pay off their bills in full appear to be the best mortgage borrowers.

Read more: How your credit score affects your mortgage.

Source: thetruthaboutmortgage.com

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Asset turnover ratio is a calculation used to measure the value of a company’s assets relative to its sales or revenue. It’s used to evaluate how well a company is doing at using its assets to generate revenue.

Similar to cash flow, the asset turnover ratio compares the company’s total assets over the course of a year to its sales. In simpler terms, it shows the dollar amount the company is earning in sales compared to the dollar amount of its assets. It can be calculated annually or over a shorter or longer period of time.

Why Is Asset Turnover Ratio Important?

Although having cash on hand is important for growing and maintaining a business, other types of business assets are also important, as is how a company chooses to use them. Liquid assets can include cash, stock, and anything else the company owns that could be easily liquidated into cash. Fixed assets are things the company owns that are not as easily turned into cash. This could include real estate, copyrights, equipment, etc.

For business owners, asset turnover ratio can be important when applying for loans and learning about their company’s cash flow. A higher asset turnover ratio indicates that a company is efficiently generating sales from its assets, while a low ratio indicates that it isn’t. A higher asset turnover ratio also shows that a company’s assets don’t need to be replaced or discarded, that they are still in good condition.

A higher ratio is preferable for investors, as well. Investors can look at the asset turnover ratio when evaluating the risk of investing in a company, or when comparing similar companies to one another. Each industry has different norms for asset turnover ratios, so it’s best to only compare companies within the same sector. For instance, a utility company or construction company is more likely to have a higher number of assets than a retail company.

Know, too, that asset turnover ratio is only one of many calculations that comprise the list of financial ratios that investors can employ.
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Formula for Calculating Asset Turnover Ratio

It’s fairly simple to calculate asset turnover ratio, which is one reason it’s such a useful tool for investors. Asset turnover ratio can be calculated using the following formula, which divides total (net) sales or revenue by average total assets:

Asset turnover = Net Sales / Average Total Assets

Which can also be shown as:

Asset turnover = Net Sales / ((Beginning Assets + Ending Assets) / 2 )

Where:

Net Sales = Gross annual sales minus returns, allowances, and discounts. Total sales can be found on a company’s income statement (typically part of an earnings report).

Beginning Assets = Assets at the beginning of the year

Ending Assets = Assets at the end of the year

Total Assets = Generally a company will include calculated average total assets on their balance sheet. However, sometimes additional calculations will need to be made.

Calculating Total Assets

The value of a company’s total assets includes the value of its fixed assets, current assets, accounts receivable, and liquid assets (cash).

•   Accounts receivable are accounts that hold expected revenues that come from when customers use credit to buy goods and services.

•   Fixed assets are generally physical items such as equipment or real estate.

•   Current assets are things that the company predicts will be converted into cash within the next year, such as inventory or accounts receivable that will be liquidated.

The formula for calculating total assets is:

Total Assets = Cash + Accounts Receivable + Fixed Assets + Current Assets

Example of Calculating Asset Turnover Ratio

To give an example of the ratio calculation, if a company has $2,000,000 in average assets and $500,000 in sales over the course of a year, the calculation of its asset turnover would be:

500,000 / 2,000,000 = 0.25 = 25% asset turnover ratio

Interpreting Asset Turnover

Sticking with the example above, we’ve calculated a 25% asset turnover ratio. What that means, exactly, is that the company’s assets generated 25% of net sales over the course of the year. In other words, every $1 in assets that the company owns generated $0.25 in net sales revenue. Again, this can be helpful when using various business valuation methods and trying to determine whether an investment fits your overall strategy.

Factors that can Cause Low Asset Turnover

There are several reasons why a company might have a low asset turnover. These include:

•   More production capacity than is needed

•   Inadequate inventory management

•   Poor methods of customer money transaction

•   Poor use of fixed assets

The ratio can also change significantly from year to year, so just because it’s low one year doesn’t mean it will remain low over time.

What Is a Good Asset Turnover Ratio?

Investors can use the asset turnover ratio as part of comparing and evaluating stocks. But what is considered a good number for asset turnover?

In general, the higher the number the better — and a number higher than 1 is ideal. This is because a value greater than 1 means the dollar value generated by assets is greater than the dollar amount that the assets cost. A higher number means a company is generating sales efficiently and not wasting assets.

Conversely, a number less than 1 means that assets are generating less than the amount of their dollar value. If a company isn’t effective at generating sales with its assets, it most likely wouldn’t be a great investment — which, again, is important to know if you’re building an investment portfolio.

Since each industry has its own standards for a “good” asset turnover ratio, there isn’t one specific number to look for. For companies in the utilities industry, ratios are generally lower than companies in retail.

Companies can work on improving their asset turnover ratio by increasing sales, decreasing manufacturing costs, and improving their inventory management. Other ways they can improve include adding new products and services that don’t require the use of assets, and selling any unsold inventory still on hand.

What Does a High Ratio Imply About a Company?

If you’re using technical analysis techniques to get some clarity around a company as a possible investment target, you’ll want to get down to brass tacks: What, exactly, is a high ratio telling you?

The answer is that a high ratio implies that a company is in good standing. It’s generating value with its assets, which can signal that it may be a solid investment. But, again, there are no guarantees.

Limitations of Using Asset Turnover Ratio

While asset turnover ratio is a useful tool for evaluating companies, like any calculation, it has its limitations. It is useful for comparing similar companies, but isn’t a sufficient tool for doing a complete stock analysis of any particular company.

Also, a company’s asset turnover ratio could vary widely from year to year, making it an unreliable measure for potential long-term investments. Even if the ratio has been similar in years past, this doesn’t mean it will continue to remain consistent. However, investors can look at the long term trendline of the ratio to get a general indication of whether it’s improving or not.

Since asset turnover is typically calculated once a year, if a company made even a few large purchases this could skew their ratio. This is fairly common, as companies might have certain monthly expenses but occasionally need to invest large sums of money into equipment, office renovations, or other common business needs.
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Drawbacks of Asset Turnover Ratio in Stock Analysis

The limitations outlined above play into some of the potential drawbacks of the asset turnover ratio when analyzing stocks, too. Mostly, it comes down to the fact that as a single ratio, which doesn’t reveal the total health or financial picture for a single company. For that reason, it’s probably a good idea to use the ratio in tandem with other analysis tools and methods.

For instance, other ratios that can be used to gain an understanding of a company’s financials are the debt-to-equity ratio, its P/E ratio, and even looking at its net asset value.

The Difference Between Asset Turnover and Fixed Asset Turnover

Fixed asset turnover and asset turnover are two different ratios that can tell you about a company, and for investors, it’s important to understand the difference between the two.

In short, and to recap, asset turnover ratio looks at average total assets of a company — “total,” in this case, being the important qualifier. On the other hand, fixed asset turnover ratio looks at a company’s fixed assets to measure performance.

Investing With SoFi

Knowing how to calculate asset turnover ratio can be useful for investors who are evaluating companies as they start building an investment portfolio. While the formula is simple — Asset turnover = Net Sales / Average Total Assets — it’s important to remember that the calculations work best when comparing companies within one industry, rather than across various industries.

Additionally, there are other metrics by which to evaluate a company or value its stock. The asset turnover ratio can be helpful, but it has its limitations. As always, speak with a financial professional if you feel like you’d benefit from more guidance.

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FAQ

How can you improve asset turnover ratio?

Some ways that a company can improve its asset turnover ratio include increasing its revenues, selling some of its assets, renting or leasing assets rather than purchasing them, and optimizing its inventory and ordering systems.

Is an asset turnover of 1.5 good?

Yes, an asset turnover ratio of 1.5 is a sign that a company is on solid financial footing. It indicates that a company’s total assets are generating enough revenue from its current assets.

Can asset turnover ratio be negative?

Yes, and a negative asset turnover ratio would be a signal that a company lost money during the year, rather than earned it. A negative number represents that its liabilities or expenditures exceeded its assets.

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Source: sofi.com

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Washington, DC
CNN
 — 

US mortgage rates ticked down this week, ending a five-week stretch of increases, but remained above 7% amid lingering inflation.

The 30-year fixed-rate mortgage averaged 7.18% in the week ending August 31, down from 7.23% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.66%.

“Recent volatility makes it difficult to forecast where rates will go next, but we should have a better gauge in September as the Federal Reserve determines their next steps regarding interest rate hikes,” said Sam Khater, Freddie Mac’s chief economist.

Mortgage rates have spiked during the Fed’s historic inflation-curbing campaign, sending home affordability to its lowest level in nearly four decades. Buying a home is more expensive because of the added cost of financing the mortgage and rising home prices.

Home prices have been climbing because there are a historically low number of homes on the market to buy. Homeowners who previously locked in lower rates are reluctant to sell now that rates have surged.

The combination of low inventory and high costs has squeezed would-be homebuyers and sent home sales lower than last year.

Economy remains strong, keeping rates higher

Inflation remains well above the Fed’s 2% target, which has kept interest rates elevated. The bond market is concerned that taming inflation may require more rate hikes. The central bank has three remaining policy meetings this year.

Fed Chair Jerome Powell has emphasized the significance of the core Personal Consumption Expenditures price index for the future path of its rate hikes.

The latest report, released earlier on Thursday, indicated that July’s monthly gain of just 0.2% is more in line with where the Fed would like to see inflation. However, year-over-year core inflation remained high in July, at 4.2%.

That means borrowers can expect to see costs stay elevated in the near term.

While the Fed does not set the interest rates that borrowers pay on mortgages directly, its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.

Worst home affordability in nearly 40 years

The summer selling season typically winds down in August. But it’s quieter than usual this year because affordability is so low.

“The challenging combination of a 20-year high mortgage rate and constrained housing inventory is creating an unfavorable environment for today’s homebuyers,” said Jiayi Xu, economist at Realtor.com.

But as rates started moving down slightly, some buyers came out. Applications for mortgages rose from their 28-year lows, according to the Mortgage Bankers Association.

“The last full week of August ended on a positive note, with mortgage applications for home purchases and refinances increasing for the first time in five weeks,” said Bob Broeksmit, MBA president and CEO. “MBA expects rates to move lower in the months ahead, which should help improve affordability slightly.”

Source: cnn.com

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Mortgage credit availability increased slightly in August but remained close to the very low levels last seen in January 2013, according a report from the Mortgage Bankers Association.

Overall, an increase in the number of loan programs offering cash-out refinances and mid-range credit scores drove the uptick, said Joel Kan, MBA’s vice president and deputy chief economist.

The trade group’s monthly Mortgage Credit Availability Index picked up by 0.3% to 96.6 in August. A decline of the index, benchmarked to 100 in March 2012, indicates that lending standards are tightening while an increase suggests loosening credit.

As lenders seek to reduce costs, by cutting down on staff and streamlining product offerings, industry capacity continues to decline, noted Kan.

Industry professionals also winded down on their product offerings. The conforming index dropped to its lowest level since 2011. However, the jumbo index, increased after three monthly declines, indicating that the current context provided lenders with some new opportunities, said Kan.

This news comes after a year in which the nation’s largest banks, spooked by surging rates and increased regulatory risks, have shied away from the jumbo mortgage market. HousingWire covered the jumbo downturn extensively in August.

Meanwhile, the Conventional MCAI, which does not include loans backed by the government, increased 0.6% and the Government MCAI, which examines FHA, VA, and USDA loan programs, was unchanged.

Of the two component indices of the conventional index, the Jumbo MCAI increased by 2.7%, while the Conforming MCAI fell by 2.7%.

Source: housingwire.com