Mortgage credit availability maintained its slight upward trajectory in July, increasing .5% from 115.8 in June to 116.4 in July, according to the Mortgage Credit Availability Index, a report from the Mortgage Bankers Association, which analyzes data from the AllRegs Market Clarity product.  

A decline represents lending standards are tightening, while increases indicate that there is a loosening of credit. The index was benchmarked to 100 in March 2012.

The increase was primarily driven by a rise in the number of jumbo adjustable rate mortgage programs.

Also, an increase in the availability of high balance Federal Housing Administration and the Department of Veterans Affairs loan programs also contributed to the net loosening.

Meanwhile, there was a slight loosening in lender criteria for several programs with respect to minimum credit scores and maximum loan-to-value ratios, especially FHA and VA loans.

(Sourse MBA, Click to enlarge)

The MCAI included two new measures of credit availability as part of the monthly release: the Conventional Mortgage Credit Availability Index and the Government Mortgage Credit Availability Index, with historical data back to 2011.

(Source MBA, Click to enlarge)