Credit application rejection rates are soaring: The overall rejection rate for US credit applications is up to 24.8% over the last 12 months, the highest since the data began in 2014, according to the NY Fed. The rate has risen +10.4 percentage points since February 2020. This comes as the rejection rate for mortgage refinances jumped to 45.7%, an all-time high. At the same time, mortgage rejection rates hit 23.0%, the highest since 2015. The rejection rate for auto loans reached 15.2%, the 2nd-highest on record. Meanwhile, credit card rejection rates held steady at 21.2%. Credit is becoming harder to access.(The Kobeissi Letter)