Americans' application rate for new credit over the last year hit its highest level in nearly five years in June, new data from the Federal Reserve Bank of New York released Monday said.The bank said that the rate of applying for new credit of any type was at its highest level since October 2021, based on findings from its latest Survey of Consumer Expectations Credit Access Survey."Compared to February 2026 readings, the average likelihood of applying for a new credit card, auto loan, higher credit card limit or mortgage refinance declined somewhat, while the likelihood of applying for a mortgage rose slightly," the bank said in its report.The New York Fed also said that in its June survey respondents said that the likelihood of needing to come up with $2,000 for an unexpected expense ticked up to 34%, up slightly from the last finding in February, but under the 36% reported in June a year ago.
NY Fed survey finds highest credit application rate in nearly five years
Americans demand for new credit hit a near five-year high in June, according to New York Fed data. While applications for credit cards and auto loans eased slightly since February, mortgage demand edged up. Meanwhile, more households reported difficulty covering unexpected $2,000 expenses, reflecting ongoing financial pressure.
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