Mortgage credit availability isn’t fixed. Depending on current lending standards and loan programs, there will be times when it’s easier to get a mortgage and times when it’s more difficult. The Mortgage Bankers Association’s Mortgage Credit Availability Index tracks whether credit is loosening or tightening each month on a scale where any increase indicates access to credit has grown. In March, the index rose 1.1 percent. It was the third consecutive monthly improvement. Joel Kan, MBA’s vice president and deputy chief economist, says the improvement was due to gains in conventional credit. “Credit availability increased in March, driven by growth in conventional credit,” Kan said. “There were increased offerings of cash-out refinance loan programs across fixed rate and ARM loans, as well as for all occupancy types.” That’s good news for potential borrowers. But while credit availability has been improving in recent months, it still remains lower than last year. (source)
