Demand for other consumer credit like mortgages and auto loans cooled.
Credit-card application rates remained strong this year at an average of 26.7% — 3.6 percentage points above the average rate for 2021 — amid large increases in balances and record-high credit-card rates, a survey released Monday from the Federal Reserve Bank of New York showed.
Otherwise, demand for consumer credit largely softened or remained stable this year, and rejection rates rose slightly on credit applications with the exception of new credit cards, according to the New York Fed’s Survey of Consumer Expectations Credit Access Survey. The average application rate for any kind of credit in 2022, 44.8%, was slightly lower than 2021’s 45.6% and the pre-pandemic 2019 rate of 45.8%.
That’s while households further reported a slightly lower probability of needing $2,000 for an unexpected expense in the next month when compared to last year, and a lower probability of being able to come up with that amount of money if they needed it. The mortgage-loan application rate slid to 6.7% in October 2022 from 8.5% in October 2021 as rates soared, and the average application rate for this year overall, at 7.2%, was 0.8 percentage points lower than the 2021 average, the New York Fed said.
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