Mortgage credit availability increased in November according to the Mortgage Credit Availability Index, a report from the Mortgage Bankers Association which analyzes data from the AllRegs Market Clarity product.  

The MCAI increased 1.2% to114.6 in November.  This came on the heels of a big drop from September to October.

“Credit availability increased in November, largely due to the addition of jumbo loan programs that permit cash-out refinancing,” said Mike Fratantoni, MBA’s chief economist. “Home price appreciation and larger equity cushions have likely made some lenders more willing to allow certain borrowers to take cash out, while still low mortgage rates may make this a more attractive opportunity for some.”

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(Source: MBA)

A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of a loosening of credit. 

The index was benchmarked to 100 in March 2012.