Mortgage credit availability increased in July according to a report from the Mortgage Bankers Association (MBA).

The MBA’s mortgage credit availability index increased for the fifth consecutive month to 112.3 last month, an increase of 2.2 percent from June. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of a loosening of credit. 

The increase in the MCAI in July was primarily driven by increases in product offerings that allow cash-out refinancing, and some increase in offerings for borrowers with higher LTVs, or lower credit scores.

The index was benchmarked at 100 in March 2012 and if it had been tracked in 2007, would have been roughly 800.