Lending standards loosened slightly in January, according to data published Thursday by the Mortgage Bankers Association.
The Washington-based trade group said that its mortgage credit availability index increased by 2% in January, to 117.8. An increase indicates a loosening of credit, while a decrease suggests a tightening of standards.
"Several new initiatives aimed at making mortgage credit more available and affordable to consumers were recently announced and resulted in a net loosening of credit over the month," said Mike Fratantoni, chief economist at MBA, in a press release Thursday.
Fannie Mae and Freddie Mac's recent move to provide
The MBA's monthly mortgage index was benchmarked to 100 in March 2012.