Zillow’s quarterly Mortgage Access Index indicates that mortgage lending won’t be tight for long, HousingWire reports.
Lending today is still tight currently. With an index reading of 100 indicating credit at pre-housing-bubble levels, the latest reading shows a drop to 69.4 in the fourth quarter compared to 71.5 its previous quarter.
But the Federal Housing Finance Agency has hinted that a number of policy steps will increase mortgage availability. It won't take long for lenders to jump on board and start offering 3 percent down payment options.