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June 2025
J O U R N A L
June 2025 »
• The Jumbo MCAI fell by 0.1%
among the Conventional MCAI's
component indices.
Note: The Conforming and Jumbo
indices have the same "base levels" as the
Total MCAI (March 2012=100), while the
Conventional and Government indices
have adjusted "base levels" in March
2012. MBA calibrated the Convention-
al and Government indices to better
represent where each index might fall in
March 2012 (the "base period") relative to
the Total=100 benchmark.
Using the same technique as the
Total MCAI, the Conventional, Govern-
ment, Conforming, and Jumbo MCAIs
are created to demonstrate the relative
credit risk and availability for their
respective indices. The population of
loan programs that are examined is the
main distinction between the Com-
ponent Indices and the entire MCAI.
While the Conventional MCAI looks
at non-government loan programs, the
Government MCAI looks at FHA, VA,
and USDA loan programs.
FHA, VA, and USDA loan offerings
are not included in the Jumbo and
Conforming MCAIs, which are a subset
of the standard MCAI. Conventional
lending programs that come inside
conforming loan limits are examined
by the Conforming MCAI, whereas
conventional programs outside of
conforming loan limits are examined
by the Jumbo MCAI.
Expanded Historical Series Overview
Conventional, Government,
Conforming, and Jumbo MCAI are
not included in the enlarged historical
series of the Total MCAI, which pro-
vides perspective on credit availability
spanning around 10 years. The purpose
of the expanded historical series, which
runs from 2004 to 2010, is to give the
current series an historical perspective
by illustrating how credit availability
has changed over the past decade,
including the housing crisis and the
recession that followed.
