The ability for prospective borrowers to qualify for a single-family loan was more elusive last month, and jumbo credit tightening led the contraction.

During February, the Mortgage Credit Availability Index, a standardized quantitative index focused on mortgage credit, came in at 180.7.

The MCAI declined 1.2 percent from one month previous — when the index ascended to its highest level since at least 2008 based on historical data.

Source: Mortgage Daily