The MBA Mortgage Credit Availability Index was up 0.7% indicating a loosening of credit.
"Mortgage credit availability increased slightly in August, driven by the expansion of credit among conforming and agency jumbo programs," said Lynn Fisher, MBA's Vice President of Research and Economics. "Following the same pattern as last month, agency eligible adjustable rate mortgage loan programs continued to be updated in August to allow for higher loan to value ratios, effectively increasing the availability of credit."
Month-over-month the conforming MCAI gained 1.6%; the conventional was up 1.5%; jumbo was up 1.4%; and the government MCAI increased 0.1%.
The gains pushed the overall MCAI to 180.2 in August 2017. The index was set at 100 in March 2012.
The MBA reported a rise in mortgage applications in its most recent weekly survey of the market. Its index gained 3.3% with refinance loans increasing their share of the market following a rebound of 5% week-over-week.
More market update:
The availability of mortgage credit saw a slight increase in August according to a report from the Mortgage Bankers Association.