Americans’ demand for credit declined over the previous year as expected, as mortgage interest rates rose, while the percentage of approve
Source: www.channelnewsasia.com
U.S. demand for credit declined over the previous year as expected. This drop was attributed to an increase in mortgage interest rates. The percentage of approved applications also ticked lower compared to last year, as per a survey from the New York Federal Reserve. The New York Fed’s Survey of Consumer Expectations showed respondents who applied over the previous 12 months were granted credit 37.7% of the time, compared to 41.3% in October 2017. Application rates among those surveyed fell to 47.8% from 49% a year ago, even as they ticked up from June’s 43%. The Fed’s Survey of Consumer Expectations collects data for auto loans, credit cards, credit card limit increases, mortgages and mortgage refinancing.
