New York Fed shared the findings of the Access to Credit Survey, which is conducted every 4 months within the scope of the Consumer Expectations Survey.
According to data showing that loan demand follows a largely stable course, there has been an increase in the rejection rate of loan applications for various loan types this year.
Reported rejection rates for credit card, mortgage, auto loan, credit card limit extension and mortgage refinancing applications increased in 2024.
The reported rejection rate increased from 20.1 percent in 2023 to 21 percent in 2024 and remained above the 17.6 percent level in 2019.
Rejection rates for vehicle loans and mortgage refinancings have reached their highest level since 2013.
While Americans predict that they will be less likely to apply for at least one type of loan in the next 12 months, the rate of those stating that they are likely to apply for at least one type of loan in the next year decreased from 25.9 percent in 2023 to 23.1 percent in 2024.
