The availability of credit for people desiring to finance a residential property was the lowest it’s been in more than a year. Leading the contraction were government programs.

In March, the Mortgage Credit Availability Index, a standardized quantitative index focused only on mortgage credit, landed at 177.9.

That turned out to be the lowest level for the index, which was benchmarked at 100 as of March 31, 2012, since February 2017, when it was calculated to be 174.9.

Source: Mortgage Daily