Recently, the New York Fed’s Center for Microeconomic Data released its latest Survey of Consumer Expectations Credit Access Survey, which highlights trends in consumer credit experiences and expectations. The survey, conducted in October 2024, revealed stable credit demand but increased rejection rates for credit applications, including credit cards, mortgages, auto loans, credit card limit extensions, and mortgage refinance applications. It noted rejection rates for auto loans and mortgage refinances reached new highs since the survey began in 2013. The survey also found a decrease in voluntary credit account closures and an increase in lender-initiated closures. Looking forward, the New York Fed said consumers anticipate fewer credit applications, with lower likelihoods of applying for new credit cards or mortgages, but a higher likelihood of seeking to refinance mortgage loans. Consumers also expect higher rejection rates for future credit applications, especially for credit cards, auto loans, and mortgage refinances.
