More Americans Doubt They’ll Get Approved for Auto, Home Loans
- NY Fed survey finds rising demand for consumer credit broadly
- About a third think they’ll get rejected to refinance mortgage
Homes in Atlanta, Georgia.
Photographer: Elijah Nouvelage/BloombergThis article is for subscribers only.
Americans increasingly doubt they’ll get approved for a loan to buy a car or refinance a mortgage, according to a survey conducted by the Federal Reserve Bank of New York.
About a third of respondents expect they’d be rejected to refinance their mortgage in the next year, while the share for auto loans rose to 31.8% — a record in data over the past decade, according to the February survey.