Figures published Tuesday by the Mortgage Bankers Association (MBA) showed mortgage availability rose for the fifth consecutive month in November, fueled by growth in adjustable-rate mortgage (ARM) and cash-out refinance loan programs.

The association’s Mortgage Credit Availability Index (MCAI) inched up 0.7% last month to 107.5. Increases in the MCAI indicate loosening credit conditions, while declines in the index suggest lending standards are tightening.

Across component indexes, the Conventional MCAI increased 1.1% — a slowdown from 4.1% growth in October — while the Government MCAI remained flat from the prior month.

The Conforming MCAI, which is a component of the conventional index limited to mortgages that meet Fannie Mae and Freddie Mac’s conforming loan limits, remained unchanged, while the Jumbo MCAI rose 1.6%.

Joel Kan, deputy chief economist of the MBA, noted in a press release accompanying the data that ARM rates roughly 90 basis points (0.9%) lower than average fixed-rate mortgage loans “remain a viable option for borrowers hoping to reduce their monthly payments.”

Average fixed rates for 30-year mortgages that began 2025 around 7% hovered between 6.2% and 6.3% as of late November, according to indexes maintained by the MBA and government-sponsored enterprise Freddie Mac.

The expansion of ARM and cash-out refinance loan programs has not been driven by a deterioration in credit quality, the MBA said, with lower loan-to-value ratios and higher credit scores still required to qualify.

“With the growth in these loan categories, the conventional and jumbo indexes were at their highest levels since 2020,” Kan added.