Mortgage credit availability declined in November because of a reduction in the number of adjustable-rate mortgage programs, according to the Mortgage Bankers Association.
The Mortgage Credit Availability Index fell 0.8% to 127.4 for the month of November. A decrease indicates a tightening of lending standards; an increase indicates a loosening of credit.
The index is calculated using loan program data from Ellie Mae's AllRegs Market Clarity product. In March 2012, the MCAI was benchmarked to 100.
The conventional MCAI had the greatest tightening, as it fell 2% on a monthly basis. The conforming MCAI fell 1%, the jumbo MCAI fell 1.8% and the government MCAI rose 0.1%.
