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Mortgage Rejection Rates Drop as Applicant Pool Shrinks

Mortgage application rejection rates have fallen this year compared with 2022, though mortgage application rates also fell, according to survey results from the Federal Reserve Bank of New York. So reports Dow Jones.

key 2114455 640small 280x186According to the New York Fed, mortgage applications averaged a 12.1% rejection rate in 2023, down from 14.6% in 2022 but still above the pre-pandemic rate of 10.2% in 2019.

The New York Fed said the decline was “likely reflecting higher creditworthiness among the smaller group of consumers who applied for new mortgages in 2023.”

Read the full article from Dow Jones.

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