The availability of mortgage credit has dropped more than a full percent over the last month, indicating lenders are continuing to tighten their credit standards. Overall mortgage credit availability fell 1.1 percent in May and 0.2 percent in April. Broken down by loan type, government credit availability saw the biggest drop, falling 1.9 percent over the month. Conforming credit dipped 0.3 percent, while conventional and jumbo credit availability headed the other direction, rising 0.2 percent and 0.8 percent, respectively. Jumbo loan credit availability, which has risen 13 out of the last 15 months, has helped to offset falling credit availability in other sectors.
The post Mortgage Credit Availability Dips, Government Loans Fall Most appeared first on theMReport.com.