Mortgage Loan and Mortgage Refinancing Rejection Rates Climb
The SCE Credit Access Survey queries respondents every four months about their experiences and expectations of applying for and obtaining credit. In October survey highlights, actual rejection rates for mortgages rose to 13.6 percent, up from 5.7 percent in February, while those for mortgage refinancing increased from 9.7 percent to 23.6 percent over the same period. Those rates, however, are still below pre-2015 levels. On the other hand, the perceived chance of a mortgage loan or mortgage refinancing being rejected stands at 34.2 percent and 21.4 percent, respectively. Those measures are new lows for our series, which began in October 2013.
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Press Release: Consumers’ Credit Market Experiences and Expectations Deteriorate