The total number of loan programs being marketed declined in March, as fewer conventional offerings offset a loosening of standards on government products, according to the Mortgage Bankers Association.
The MBA's Mortgage Credit Availability Index dropped 0.2% to 123.5
"Administrative changes drove declines in the availability of conventional and super conforming loan programs, and those were partially offset by slightly relaxed lending standards on government lending programs which includes FHA, VA and Rural Housing Service," Lynn Fisher, MBA vice president of research and economics, said in the release.
The index for government loans loosened the most month-to-month by 0.9%. The other components saw tightening. The index for conventional loans decreased the most, falling 1.6%, while the jumbo index dipped 0.2% and the index for conforming credit tightened 0.4%.
