American credit rejection rate rises to 21.8%, highest since June 2018, indicating tougher borrowing conditions.

Credit Crunch Alert! Rejection rate for Americans applying for credit – whether it’s a mortgage, new car loan, or a credit card – increased to 21.8%, the highest level since June 2018. 
 
Borrowing money is getting tougher, folks!

— Genevieve Roch-Decter, CFA (@GRDecter) August 2, 2023

https://t.co/KWFwz5TumF

— Genevieve Roch-Decter, CFA (@GRDecter) August 2, 2023

The only thing falling faster than inventory is demand https://t.co/6Y7EOqinwN

— Darth Powell (@VladTheInflator) August 2, 2023

The current yield curve inversion is at the same level as 1928. Let that sink in. pic.twitter.com/ezDne2GnDS

— Bravos Research (@bravosresearch) August 2, 2023