Mortgage Credit Loosens in July

Washington, DC, Aug. 8, 2016 -- Mortgage credit availability increased in July according to the Mortgage Bankers Association.

The association's availability index increased 1.0 percent to 165.3 in July, which means that credit is loosening.  The index was benchmarked to 100 in March 2012.

MBA said the overall credit availability increase in July was driven by an uptick in programs that allow for refinancing among relatively lower credit score borrowers.