After easing to the loosest levels since the financial crisis, credit conditions in real estate finance contracted to the tightest level in five months. Government programs constricted most.

That was according to the Mortgage Credit Availability Index, a standardized quantitative index focused on mortgage credit, which was 179.2 in December.

Last month’s index level was the lowest since July, when it was previously reported at 179.0. A drop in the MCAI indicates that lending standards are tightening.

Source: Mortgage Daily