If you look at the recent news articles, it will seem like mortgage has taken a turn for the worst.
Interest rates climbed from 3.42% to 4.1% last September according to Freddie Mac.
At first glance, this may seem like very bad news.
The MCAI Silver Lining
The reports failed to mention an interesting detail which is a silver lining to the rate increase: requirements for mortgage applications have become much easier and friendlier.
There are times in the past where it costs an arm and a leg to get a new mortgage going.
There are other indicators at play which affect the landscape of real estate.
The Mortgage Credit Availability Index (MCAI) set up by the Mortgage Bankers Association (MBA) is a reliable indicator of mortgage credit’s availability at any given time.