Mortgages are going almost exclusively to borrowers with pristine credit histories
By Orla McCaffrey
The Wall Street Journal
The mortgage market is humming, but getting approved for a home loan is as difficult as it has been in years.
Mortgage credit availability, a measure of lenders’ willingness to issue mortgages, is near its lowest level since 2014, according to the Mortgage Bankers Association, or MBA.
The tight lending environment illustrates a growing cleavage in the mortgage market: More home loans are being made than almost ever before, but they are going almost exclusively to borrowers with pristine credit histories and sizable down payments.
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