Us mortgage availability improves

The availability of mortgages in the US is improving, according to the Mortgage Credit Availability Index (MCAI).

The report from the Mortgage Bankers Association (MBA) reveals that availability increased 1.2 per cent in November, largely due to the addition of "jumbo loan programs" that permit cash-out refinancing.

Mike Fratantoni, MBA’s Chief Economist comments: "Home price appreciation and larger equity cushions have likely made some lenders more willing to allow certain borrowers to take cash out, while still low mortgage rates may make this a more attractive opportunity for some."