MBA Loan Indices See Third Consecutive Month of Gains in March
- Mortgage credit availability reached a three-year high in March 2026, marking a significant shift in lending standards as the U.S.
- This figure is the highest the index has reached since August 2022.
- The MBA reported that gains in March were distributed across several key loan types.
Mortgage credit availability reached a three-year high in March 2026, marking a significant shift in lending standards as the U.S. Housing market enters the spring season. According to the Mortgage Bankers Association (MBA), the Mortgage Credit Availability Index (MCAI) rose to a reading of 108.3, which represents a 1.1% increase from February 2026.
This figure is the highest the index has reached since August 2022. The March data, which is based on information from ICE Mortgage Technology, indicates a third consecutive monthly increase in credit availability, signaling a general loosening of lending standards across multiple loan categories.
Broad Gains Across Loan Indices
The MBA reported that gains in March were distributed across several key loan types. The increase was observed in conforming, jumbo, and government-sponsored loan indices, all of which have seen growth for three consecutive months.
Specific growth was noted in the jumbo index, which has increased for three straight months. This trend was primarily driven by a greater availability of non-QM (non-qualified mortgage) loan programs.
there was growth in streamline refinance programs specifically targeting borrowers with lower credit scores.
Mortgage Rate Volatility and Market Impact
The increase in credit availability occurred despite a volatile environment for mortgage rates throughout March 2026. While the average 30-year fixed-rate mortgage had dipped below 6% at the end of February 2026, it climbed back into the mid-6% range during March.
The MBA attributed these rate movements to macroeconomic factors stemming from the Iran war, which impacted 10-year Treasury yields. These fluctuations have contributed to a lock-in effect, where homeowners are reluctant to move or refinance, similar to the market behavior observed following the steep rate climbs after the pandemic.
Joel Kan, MBA vice president and deputy chief economist
Although March was volatile for mortgage rates and they moved higher over the month, there was growth in streamline refinance programs for lower credit score borrowers
Historical Context and Benchmarks
Despite reaching a three-year high, the current state of mortgage credit remains constrained when compared to historical norms. The MCAI reading of 108.3 remains closer to the 2012 overall index benchmark of 100 than to the significantly higher credit availability readings seen in previous years.
The current environment is further complicated by extreme peaks in rates; for instance, the US 30-year mortgage rate rose to 7.16% in the week preceding the April 9, 2026 report, matching the highest level since 2001. This high-rate environment has historically acted as a crimp on both sales and refinancing activity.