gettyMany first-time homebuyers are battling dragons in today’s housing market: From shrinking credit availability to rising home prices, there’s no shortage of peril. These factors are major influences on mortgage rates, which showed a 9-basis-points difference between first-timers and repeat buyers. According to the latest Mortgage Credit Availability Index (MCAI) by the Mortgage Bankers Association, credit availability shrunk in September. The biggest pullback in lending came from the conventional mortgage market, which decreased by 6.1%. This retreat is likely due to the spike in mortgage delinquency rates, according to a statement by MBA.

Source: Forbes October 09, 2020 14:37 UTC