Mortgage credit availability increased in March, the Mortgage Bankers Association's monthly Mortgage Credit Availability Index found.
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The index, which uses data from Ellie Mae, showed a 2.3% basis increase to 121.4%, meaning that credit loosened slightly over the course of March. The MBA benchmarked its index to March 2012's credit availability standards.
"Although credit remains tight by historical standards, this increase in availability, coupled with low rates and job market strength, should lead to stronger home purchase activity this spring," MBA chief economist Mike Fratantoni said in a press release.
