Mortgage credit availability increased last month, according to data released Tuesday by the Mortgage Bankers Association.
The Washington trade group said in a press release that its mortgage credit availability index increased 1.2% in November, indicating that credit standards loosened slightly.
"Credit availability increased in November, largely due to the addition of jumbo loan programs that permit cash-out refinancing," said Mike Fratantoni, chief economist at the Mortgage Bankers Association, in the release. "Home price appreciation and larger equity cushions have likely made some lenders more willing to allow certain borrowers to take cash out."
The MBA's credit availability index analyzes data from Market Clarity, a mortgage origination research product produced by AllRegs in Eagan, Minn.
