US credit application rejections increase sharply
Automobile loan rejections hit highest level since NY Fed began measuring in 2013
The credit applicant rejection rate in the US reached 22.8% in June, the highest reading since June 2018, the Federal Reserve Bank of New York said.
“The increase was broad-based across age groups,” the New York Fed announced. Automobile loan rejections reached the highest levels seen since it began publishing the data in 2013. They grew from 9.1% in February to 14.2% in June.
“The average reported probability that a loan application will be rejected increased sharply for all loan types,” it
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