Since November 2013, mortgage credit has been gradually increasing, according to the Mortgage Bankers Association.
0.44% is the increase of the mortgage credit availability index, reaching 113.5 in February. The index was launched in March 2012 at 100. For reference, if it existed in 2007, it would have been 800.
With the new Consumer Financial Protection Bureau regulations, there are changes for ARM loans. For their first five years, they must qualify at the highest allowable rate. This has led to many investors pulling back the 3/1 ARMS loans, whose interest rate adjusts after 3 years. Lenders and investors added 5+year ARM loans as well, which led to the net increase of the index, even though the 3/1 loans were discontinued.