The Mortgage Bankers Association (MBA) reported Thursday that its Mortgage Credit Availability Index (MCAI) edged up to a reading of 115.7 in December. The clear driver behind the increase was an announcement earlier in the month that both Fannie Mae and Freddie Mac are launching new 97 percent loan-to-value (LTV) mortgage programs for qualifying homebuyers, said Mike Fratantoni, MBA’s chief economist.
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