Mortgage-Credit Availability Rises for First Time in Three Months

November 12, 2013
mortgage lending news

The Mortgage Bankers Association said that, in October, its index of mortgage credit availability registered the first improvement in three months. Last month's reading rose to 111.5 from 110.7 in September as financial institutions put more focus on lending to home buyers rather than on refinancing existing loans. MBA's data dovetails with a separate report from the Federal Reserve indicating that a "modest" net share of banks are relaxing their mortgage underwriting criteria.

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