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Mortgage Newsletter

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Mortgage Credit Availability Increases for Third Straight Month

Improving economic and housing market conditions led to the third consecutive month of increases in the availability of mortgage credit in June, according to the Mortgage Bankers Association. The MBA’s Mortgage Credit Availability Index (MCAI) rose 0.5 percent in July to 116.4, up from 115.8 in June. Increases in the MCAI point to a loosening of credit standards, while a decrease indicates the drying up of credit. The baseline of 100 was set in March 2012. During the height of the housing bubble the Index reached levels of 800. “The main driver in the MCAI’s increase was a rise in the number of jumbo Adjustable Rate Mortgage (ARM) programs,” according to a statement from the MBA. Lenders increased their availability of several types of ARM programs for jumbo loan clients, those taking out loans over the conventional standard of $417,000. Yet lenders were loosening their requirements not only for the wealthiest and those in the priciest areas, but also for those in the lowest borrowing brackets: Federal Housing Administration or FHA loans and Department of Veterans Affairs or VA loans. These government backed mortgages do not typically require large down payments or stellar credit. And after years of a mortgage credit drought, three months of increases are welcome news for lower-to middle-price borrowers. With the unemployment scene making slow but steady progress and job creation growing, potential mortgage borrowers in general are having a better time managing their finances, making them more attractive to lenders. And of course, the fact the refinance market has been hit hard since interest rates spiked last year has lenders competing with each other to curry the favor of homebuyers. If rates rise throughout 2014 and into next year as they are predicted to, that competition will only increase, hopefully bring credit availability back to where the majority of qualified buyers can obtain the funding the seek. more

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Mortgage Rates by Product

Select the mortgage product below to view the rates in your area, or click on the graph icon to see how rates have fluctuated over a 30 day period.

PRODUCT RATE POINTS APR CHANGE TREND
30 Year Fixed 4.20% 0.00 4.27% -0.008% CA 30 Year Fixed Rate Trend
15 Year Fixed 3.32% 0.00 3.45% -0.003% CA 15 Year Fixed Rate Trend
3/1 ARM 2.86% 0.00 2.91% -0.012% CA 3/1 ARM Rate Trend
5/1 ARM 3.04% 0.00 3.08% 0.003% CA 5/1 ARM Rate Trend
7/1 ARM 3.32% 0.00 3.37% -0.002% CA 7/1 ARM Rate Trend
10/1 ARM 3.74% 0.00 3.79% -0.003% CA 10/1 ARM Rate Trend
Home Equity Loan - 10 Year 6.31% 0.00 0.00% -0.001% CA Home Equity Loan - 10 Year Rate Trend
Home Equity Line of Credit 4.58% 0.00 0.00% 0.000% CA Home Equity Line of Credit Rate Trend
Home Equity Loan - 15 Year 6.47% 0.00 0.00% -0.001% CA Home Equity Loan - 15 Year Rate Trend