The MBA (Mortgage Bankers Association) is producing a monthly Mortgage Credit Availability Index (MCAI) to show if mortgages are becoming more or less available. The data shows that there was a slight increase in May 2013 of available mortgages. It appears that 2013 rates are increasing back to the levels of 2011 before it decreased in 2012. In the chart above, the data has been benchmarked to 100 as a relative value in 2012. The MBA also noted had this number been tracked back to 2008 it would have been a staggering 800!
When values are above 100 it represents greater availability of mortgages, and when below 100 it tells us that there are more strict standards. The increase in 2013 is most likely due to lenders accepting lower credit scores than previously. Another reason for the increase is HARP lending with more LTV loans.