AgentMortgage

Access to mortgages hasn’t changed from a year ago

Zillow: Recent market volatility making lenders cautious

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Takeaways: Access to mortgages has been unchanged spanning the past year. Even people who get approved will have fewer options in terms of mortgage products. Those with low credit scores will have difficulty obtaining a mortgage moving forward. Since 2012 it had been getting progressively easier to obtain a mortgage -- that is, until the first quarter of 2015. According to Zillow’s Mortgage Access Index, access to mortgage credit tightened in the quarter reaching a score of 65 -- nearly unchanged from a year ago. Mortgage credit was easiest to obtain in July 2004, when the ZMAI would have reached 136.4. Mortgages were toughest to obtain in September 2010, with a score of 11.8. "Recent market volatility is causing some lenders to be more cautious in their underwriting," said Dr. Svenja Gudell, chief economist for Zillow, in a statement. Gudell pointed out that tighter mortgage access should make it harder for people with low credit scores to get a home loan....