The Mortgage Credit Availability Index improvement to 112.27 in July from 109.81 for June was primarily driven by increases in product offerings that allow cash-out refinancing, and some increase in offerings for borrowers with higher loan-to-value ratios, or lower credit scores.
Although the index was formally rolled out in May, calculations based on previous data show this is the fifth consecutive month where mortgage product offerings have improved.
MCAI is calculated using data from MBA and AllRegs.
The base period for the index is March 2012, which is pegged to 100. The only the index was below 100 since that month was in July 2012.