@thekobeissi.base.eth
Credit application rejection rates are soaring:
The overall rejection rate for US credit applications is up to 24.8% over the last 12 months, the highest since the data began in 2014, according to the NY Fed.
The rate has risen +10.4 percentage points since February 2020.
This comes as the rejection rate for mortgage refinances jumped to 45.7%, an all-time high.
At the same time, mortgage rejection rates hit 23.0%, the highest since 2015.
The rejection rate for auto loans reached 15.2%, the 2nd-highest on record.
Meanwhile, credit card rejection rates held steady at 21.2%.
Credit is becoming harder to access.
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