Lending standards aren’t fixed. That means qualifying for a mortgage can be easier – or more difficult – depending on when you’re applying for a loan. That’s why the Mortgage Bankers Association keeps a monthly measure of mortgage credit availability. Its Mortgage Credit Availability Index measures whether standards are loosening or tightening on a scale where any increase means it has gotten easier for borrowers to get a loan. According to the most recent index, access to mortgage credit improved in February, though the improvement was small. In fact, the index rose less than 1 percent. Joel Kan, MBA’s vice president and deputy chief economist, says credit remains tighter than usual. “Mortgage credit availability remains quite tight – near the lowest levels in MBA’s survey – even as application volume lags last year’s pace and as the industry continues to reduce capacity,” Kan said. (source)