Mortgage credit availability remained unchanged in April, according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) that analyzes data from ICE Mortgage Technology.

The MCAI remained at 102.9 in April. The index was benchmarked to 100 in March 2012. The conventional MCAI and government MCAI remained unchanged. Of the component indices of the conventional MCAI, the jumbo MCAI decreased by 0.1 percent, and the Conforming MCAI rose by 0.2 percent;

“Credit availability was unchanged in April following a sizable increase in March,” MBA’s Vice President and Deputy Chief Economist Joel Kan said in a release. “Overall levels of credit supply remain tight but have generally grown since 2023, as lenders continue to offer cash-out refinance loan programs as well as jumbo and non-QM loans. Lenders remain positioned for potential refinance opportunities as mortgage rates continue to fluctuate.”

The government MCAI examines Federal Housing Administration (FHA), Department of Veteran Affairs (VA) and United States Department of Agriculture (USDA) loan programs, while the conventional MCAI examines non-government loan programs.

 The jumbo and conforming MCAIs are a subset of the conventional MCAI and do not include FHA, VA, or USDA loan offerings. The jumbo MCAI examines conventional programs outside conforming loan limits, while the conforming MCAI examines conventional loan programs that fall under conforming loan limits.

The MCAI is calculated using several factors related to borrower eligibility, including credit score, loan type and loan-to-value ratio. These metrics and underwriting criteria for over 95 lenders and investors are combined by MBA using ICE Mortgage Technology data and a proprietary formula to calculate the MCAI.