Updates to agency parameters for adjustable-rate mortgages were behind an improvement in home-lending credit conditions. It was the second month in a row of easing.
A standardized quantitative index solely focused on mortgage credit, the Mortgage Credit Availability Index, was calculated at 179.0 for July.
The index, which was benchmarked at 100 in March 2012, crept up 0.3 percent from the previous month. The increase is an indication that credit conditions were more relaxed.
Source: Mortgage Daily