The New York Federal Reserve found that rejection rates for loan applications are higher than they were in 2023 for credit cards, auto loans, mortgages and refinances.

Falling interest rates on Treasuries could lead to lower mortgage rates, which are key to a recovery in the housing market.

The wave that hit after the pandemic foreclosure moratorium first lifted has generally worked its way through the system.

But other positive factors in the economy are limiting the potential damage, economists say, like low unemployment.

Inflation dipped slightly, but housing remains the biggest driver of rising prices.

The application rate for any kind of credit dropped to just over 41% this year from nearly 45% in 2022, according to a Fed survey.

Just before the pandemic, the New York Fed found that about 9% of people had bills that ended up in collections. Now, less than 5% do.

Pending home sales fell more than 7% in August, according to the National Association of Realtors. While demand for homes is still high, people are having a harder time qualifying for mortgages — and that’s intensifying demand for cheaper homes.

Islamic finance offers alternatives to conventional loans and mortgages to comply with a religious prohibition on interest, which is seen as financial exploitation.

Mortgage rates are still high, but some real estate agents have been citing an old refrain: “You can always refinance.” Except, others say, when you can’t