There was a very slight loosening in the types of mortgage credit being offered in December, the Mortgage Bankers Association says.
Its Mortgage Credit Availability Index, compiled with data from AllRegs Market Clarity product, increased 70 basis points during the month to 110.9. The fact that more credit is available, not less, is a sign that many investors previously made changes to their programs to deal with
This follows a 130 bp decline in the MCAI in November,
Bank of the West says
The MCAI, which had been trending up between October 2012 and July 2013, has had no discernable direction since then. MCAI reached 112.3 in July, declined the next two months to 110.7 for September. The next three months shows the index going up, back down and then up again.