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Bay Area California Home Loans

California Mortgage & Real Estate Market Update 9/4/2015

Friday, September 4, 2015 - Article by: Bay Area California Home Loans - Geneva Financial, LLC - Message

The Bureau of Labor Statistics reported on Friday that U.S. employers added 173,000 new workers in August. This was below the 217,000 expected and below the 245,000 recorded in July, which was revised higher from the 215,000 originally reported. The 173,000 was the lowest since March and the second lowest in the past 19 months. Within the report it also showed that the Unemployment Rate fell to 5.1%, the lowest since March 2008, while wage growth increased.The Mortgage Bankers Association (MBA) reported this week that mortgage credit availability increased in August and has now increased nine straight months, though a big chunk of the loosening was concentrated in the jumbo market. The MBA did say that conventional mortgage credit has also somewhat increased, which includes mortgages with higher loan-to-value ratios and borrowers with lower credit scores. The Mortgage Credit Availability index (MCAI) increased 0.05% to 126.1. A decrease in in the MCAI signals credit is tightening, while an ncrease indicates loosening.

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