Mortgage credit availability increased in January

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1. Mortgage credit availability increased in January

Mortgage credit availability increased in January according to the Mortgage Credit Availability Index (MCAI), a report from the MBA that analyzes data from ICE.

The index rose by 2.5% to 99.0 in January. A decline in the index indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.

The Conventional MCAI increased by 3.8&, while the Government MCAI increased by 1%. Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 5.3%, and the Conforming MCAI rose by 0.5%.

2. Charted: The vanishing young homebuyer

In 1991, the median age for first-time homebuyers was just 28. By 2024, that number had risen to 38. And it’s not only the first-timers—repeat homebuyers are getting older too. In 1991, the median age for repeat buyers was 42, and now it has surged to 61.

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3. More Nuggets

💵 Trump duties of 25 percent on steel and aluminum will flow through to home builders, car buyers, beer drinkers, etc. (NYTimes)

📈 Top cities for apartment conversions. (BankingDive)

📺 Key takeaways from Fed Chair Powell's testimony before the Senate. (Bloomberg)

⚖️ Gender discrimination lawsuit against loanDepot dismissed. (NMN)

💸 Morgan & Morgan law firm opens investigation into appraisal fees, AMCs. (M&M)

4. Ex-FDIC official McKernan tapped to lead CFPB

The White House nominated former Federal Deposit Insurance Corp. board member Jonathan McKernan to be the next director of the Consumer Financial Protection Bureau, according to a document sent to the Senate yesterday.

The development came on a day when the bureau terminated roughly 70 probationary employees, including enforcement division attorneys, Bloomberg Law reported.

Dive deeper: What's at stake in the CFPB shutdown

5. 1 in 5 homeowners are looking to sell in the next 3 yrs

19% of homeowners either have their homes listed for sale or are considering selling their homes within the next three years. 48% of those homeowners intend to sell in the next year, while 36% intend to sell within the next 2-3 years. That’s according to Zillow.

Here are the top reasons why these homeowners are either selling or planning to sell:

• 56% found other homes they prefer over their current one

• 55% want an upgraded home with better features

• 49% plan to sell for a profit or use their home equity

• 45% think they can sell for more now than in the future

• 41% cited a shrinking household

• 39% believe they’ll get a better deal on a new home now

• 34% cited a growing households

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☀️ You’re all caught up. See you on Friday!

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