A Federal Reserve survey published on Monday pegged the rejection rate for U.S. credit applicants at to 21.8% in the twelve months through June
- the highest level seen since the same period five years ago
- and compares with 17.3% in the previous, February, survey prior to the failure of Silicon Valley Bank and other regional lenders
More Americans have been getting rejected for loans as banks tighten credit conditions amid rising borrowing costs.
The survey logged sharp increases in reported expectations that applications for new mortgages, mortgage refinancing, or increases in credit card limits would be rejected.
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Meanwhile, all is well in equities …
S&P 500 up 0.5% Monday: