Access to mortgage credit saw a big November contraction, with the Mortgage Credit Availability Index (MCAI) maintained by the Mortgage Bankers Association (MBA) dropping 3.3% during the month.

The decline brought the MCAI to a reading of 95.9 in the month. A drop in the MCAI signals tightening lending standards, while upticks in the index indicate that lenders are loosening their credit criteria.

The overall index’s two sub-indices both retreated: The Conventional MCAI decreased 2.7%, while the Government MCAI decreased by 3.9%. Of the component indices of the Conventional MCAI, the Jumbo MCAI decreased by 0.9% and the Conforming MCAI fell by 6.6%.

“Credit availability tightened considerably in November, pushing the index to the lowest level in five months,” said Joel Kan, the MBA’s vice president and deputy chief economist. “Part of the decline was attributable to investors pulling back on high LTV and low credit score programs for both fixed and ARM loans, as well as further exits from the broker channel in an originations market that is still challenging for many lenders. The most notable impact was on the government index, which decreased to its lowest since December 2012.”