Having ticked up a (1) percent in October, mortgage credit availability, as indexed by the Mortgage Bankers Association, ticked down 1.7 percent in November, with a 5.4 percent drop in the availability index for Jumbo loans.

As such, the mortgage credit availability index (MCAI) has dropped to a four-month low, despite a drop in mortgage rates, is 7 percent lower than at the same time last year, and is effectively back to a decade low, with reduced origination volume and ongoing “liquidity concerns.”

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