NY Fed survey finds highest credit application rate in nearly five years

The New York Fed's Survey of Consumer Expectations Credit Access Survey showed the rate of applying for new credit was at its highest level since October 2021. Compared to February 2026 readings, the likelihood of applying for new credit cards, auto loans, higher credit card limits or mortgage refinance declined somewhat, while mortgage application likelihood rose slightly. Respondents also reported a 34% probability of needing about $2,000 for an unexpected expense, up marginally from February.