DUE TO LOW REFINANCE APPLICATIONS MORTGAGE CREDIT AVAILABILITY DIPS BY 0.9%

The availability of mortgage loans has been declining for three consecutive months, largely due to a decline in refinancing loans, according to the monthly mortgage availability index (MCAI), which fell by 0.9% to 120%. May, the lowest level since July 2021, according to the Association of Mortgage Bankers.

The decline of the index, which reached 100 in March 2012, indicates that credit standards are tightening, while the increase indicates a weakening of loans.