Mortgage credit availability increased in July according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from the AllRegs Market Clarity product. The MCAI 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 index was benchmarked at 100 in March 2012 and if it had been tracked in 2007, would have been roughly 800. 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.