Mortgage credit availability increased 1.6% in November to reach a score of 174.1 on the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI).
A decrease in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012.
Breaking credit availability down by loan type, credit availability for conforming loans saw the most loosening in November – up 2.2%. Credit availability for government-backed loans increased 1.8%, while credit availability for conventional loans increased 1.5% and credit for jumbo loans increased 0.8%.
“Mortgage credit availability increased for the third consecutive month in November, driven by increased availability of conventional low down payment and streamlined refinance loan programs,” says Lynn Fisher, vice president of research and economics for the MBA, in a statement.
The MCAI is powered by Ellie Mae’s AllRegs Market Clarity product.