Mortgage credit availability increased slightly in August but remained close to the very low levels last seen in January 2013, according a report from the Mortgage Bankers Association.

Overall, an increase in the number of loan programs offering cash-out refinances and mid-range credit scores drove the uptick, said Joel Kan, MBA’s vice president and deputy chief economist.

The trade group’s monthly Mortgage Credit Availability Index picked up by 0.3% to 96.6 in August. A decline of the index, benchmarked to 100 in March 2012, indicates that lending standards are tightening details ⇒

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