Mortgage credit availability dropped in May, a consequence of a tougher mortgage landscape that has resulted in lender consolidation as well as high rates and limited inventory that has stretched consumer budgets.  

The monthly Mortgage Credit Availability Index fell by 3.1% to 96.5 last month, according to the Mortgage Bankers Association. A decline of the index, benchmarked to 100 in March 2012, indicates that lending standards are tightening while an increase suggests loosening credit.

“Mortgage credit availability decreased for the third consecutive month, as the industry continued to see more consolidation and reduced capacity details ⇒

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