Lending standards tightened once again in April, according to the Mortgage Bankers Association.
The MBA's Mortgage Credit Availability Index dropped 0.89%
"Investors continued to roll out Fannie Mae and Freddie Mac's low down payment loan programs, which had a loosening effect on credit availability," Lynn Fisher, MBA vice president of research and economics, said in the release. "However, this was more than offset by tightening among high-balance and jumbo loan programs."
The index for jumbo loans tightened the most, dropping 1.4% from March. The index for conventional loans fell 1%, while the government index dipped 0.7%. The index for conforming loans increased 0.1%, indicating a slight loosening of credit.
