Having dropped back down to its lowest level in over a decade at the end of last year, mortgage credit availability inched up 0.7 percent last month, with a 1.9 percent increase in the availability for Jumbo loans, as indexed by the Mortgage Bankers Association (MBA).
That being said, overall credit availability remains down over 10 percent on a year-over-year basis and close to its 2012 lows, with the benchmark 30-year mortgage rate having “stabilized” in the mid-sixes and the average 30-year jumbo rate currently running closer to 7 percent.