Mortgage credit availability drops to six-month low
The pullback was concentrated in the government segment. The Government MCAI fell 4.6%, reflecting a significant retreat from FHA and VA streamline refinance programs, particularly those serving high loan-to-value (LTV) and low credit score borrowers. The Conventional MCAI also slipped, down 0.1%, while the Conforming MCAI fell 2.2%. “A contraction in government loan programs accounted…