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Mark Hemingway

Mortgage Market Update for February 9th

Friday, February 12, 2021 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The NFIB reports that small business optimism dropped further below the historical index average of 98 in January to 95. On the prospects of a $15 minimum wage, Jeff Brabant, NFIB Manager of Federal Government Relations said, "Unlike big businesses, small businesses simply can't afford a doubling of the minimum wage at a time when they are struggling to survive the pandemic. We urge Congress to avoid plaguing Main Street with another costly federal regulation and allow for a successful small business recovery."

The MBA reports that credit availability increased in January. The Mortgage Credit Availability Index (MCAI) rose by 2% to 124.6 in January. A decline in the MCAI indicates that lending standards are tightening, while increases in the index indicate loosening credit.The index was benchmarked to 100 in 2012. Spokesperson Joel Kan said, "Ongoing strength in home-purchase applications and home sales continue to signal robust housing demand, even as low housing inventory remains a constraint. However, even with overall credit availability picking up in three of the past four months, credit supply is still at its tightest level since 2014."

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