Mortgage Credit Ticks Up in May

Published June 04, 2015, 5:19 p.m. EDT

1 Min Read

Mortgage credit availability rose less than 1% in May, according to data released Thursday by the Mortgage Bankers Association.

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The MBA's Mortgage Credit Availability Index nudged up by 0.5% to 122.6 in May, which shows that credit is loosening — albeit slightly. Credit loosened because of increased availability of certain loans.

"Credit availability eased somewhat in May, largely as a result of increased availability of cash out refinance loans and greater availability of FHA 203K home improvement loans," said Mike Fratantoni, MBA's chief economist, said in a news release.

The indices for conforming and conventional credit featured the most easing, with both rising 1.2% higher from the previous month. The government MCAI barely budged, increasing 0.1%, and the jumbo MCAI actually fell slightly by 0.1% from April.

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