Lenders offered fewer government loan products in May

Mortgage credit availability declined in May as lenders reduced the number of government-guaranteed products they market by nearly 2%.

The Mortgage Credit Availability Index fell 1.1% to 180 compared with April's 183. The index is calculated by the Mortgage Bankers Association using information from Ellie Mae's AllRegs Market Clarity database.

The government loan component declined 1.9%, while the conventional index rose 0.2%.

There were 0.4% fewer conforming products offered in March, but jumbo loan availability increased by 0.8%; both are subsets of the conventional loan index.

Jumbo product offerings have increased in 13 of the last 15 months said Lynn Fisher, the MBA's vice president of research and economics, in a press release.