Quote: May 9, 2023

“Mortgage credit availability declined in April to the lowest level since January 2013, matching the tightening in broader credit conditions stemming from recent banking sector challenges and an uncertain economic outlook. The contraction was driven by reduced demand for loan programs such as certain adjustable-rate mortgages loans, cash-out and streamline refinances, and those with lower credit score requirements.”
–Joel Kan, MBA Vice President and Deputy Chief Economist.