“The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit. The MCAI is…a summary measure which indicates the availability of mortgage credit at a point in time.”Basically, the index determines how easy it is to get a mortgage. The higher the index, the more available the mortgage credit. Here is a graph of the MCAI dating back to 2004, when the data first became available:
Thankfully, lending standards have eased since. The index, however, is still below 200, which is half of what it was before things got out of control.
Bottom LineIt is easier to get a mortgage today than it was immediately after the market crash, but it is still difficult. The difference in 2006? At that time, it was difficult not to get a mortgage.
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