Mortgage credit availability held the course in April following a spike the prior month, according to a report from the Mortgage Bankers Association (MBA).

After rising 2.5% in March to a reading of 102.9, the Mortgage Credit Availability Index (MCAI) stayed at that level in April. An increase in the MCAI — which was benchmarked to 100 in 2012 — indicates loosening lending standards.

The March surge in credit availability was driven by borrowers taking advantage of lower interest rates and participating in cash-out refinance programs. The 30-year fixed-rate mortgage fell 13 basis points to 6.63% for the week ending March 6, according to Freddie Mac. But the 30-year rate climbed back to 6.83% during the week of April 17 and hovered around that mark the rest of the month.

“Credit availability was unchanged in April following a sizable increase in March,” noted Joel Kan, MBA’s vice president and deputy chief economist, in a press 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.”

In addition to the total MCAI, the MBA maintains indexes that track conventional and government loans. The conventional index is further broken down into conforming and jumbo component indexes.

Both the conventional and government indexes were unchanged in April. The conforming loan index, which examines non-government loans with balances of $806,500 or less, rose 0.2%. The jumbo index, which comprises non-government loans greater than $806,500, fell 0.1%.