"Rising Borrowing Challenges for Americans, NY Fed Report Reveals"
According to a report from the New York Fed, Americans are facing increasing difficulties in obtaining loans, with credit being the hardest to access in years. The overall rejection rate for credit applicants rose to its highest level since June 2018, with the highest rejection rates observed among those with credit scores below 680. Rejection rates for auto loans, credit cards, credit limit increases, mortgages, and mortgage refinancing have also increased. The survey found a modest decrease in loan seekers, but respondents planning to apply for credit in the next year slightly increased. The tightening of credit access comes as the Federal Reserve has aggressively raised interest rates to combat inflation, with expectations of further rate hikes.