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Mark Hemingway

Mortgage Market Update for December 5th

Tuesday, December 6, 2016 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The service sector of the U.S. economy grew at its fastest pace in 13 months in November, signaling the sector is a big positive for extended growth. The Institute for Supply Management (ISM) reported that its ISM Service Index rose to 57.2 last month, above the 55.6 expected and greater than the 54.8 recorded in October. A reading above 50 indicates the non-manufacturing sector economy is generally expanding; below 50 indicates the non-manufacturing sector is generally contracting. The employment component showed a gain, while new orders came in slightly lower.

The Mortgage bankers Association reported on Monday that credit availability increased in November driven by an uptick in availability of low down payment and streamlined refinance programs. The Mortgage Credit Availability Index (MCAI) rose 1.6% to 174.1 in November. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.

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