A study by the New York Federal Reserve has found that 14% of applicants for auto loans were rejected over the past year — the highest such proportion since the New York Fed began tracking the figure in 2013.
, the highest rate since LendingTree began tracking it in 2019.
Many people were already having trouble affording new vehicles before Wednesday’s quarter-point Fed hike. The average price paid for a new vehicle last month was nearly $48,000 — about 25% above the pre-pandemic average. Used vehicle prices have jumped by even more: The average one now costs nearly $30,000, a stinging 45% above what it was before the pandemic.
“I think people are just not able to qualify for the payments,” says Jessica Caldwell, executive director of insights forThe average monthly auto payment last month, she said, was $736. Over the life of an an average loan — just under six years — a typical borrower is paying nearly $9,000 in interest.
FILE - Shoppers consider a 2022 Cooper convertible on display in a Mini dealership in Highlands Ranch, Colo., on Friday, Feb. 18, 2022. The Federal Reserve’s expected move Wednesday, July 26, 2023, to raise interest rates for the 11th time could once again send ripple effects across the economy. Kelleher said he hopes the Fed stops raising rates after this week, given that vehicle prices, a key component of inflation, have begun to ease.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
Federal Reserve Raises Federal Funds Rate by 25bps Amidst Moderate Economic Growth – Economics Bitcoin NewsThe FOMC expressed concern that tighter credit conditions for households and businesses might have a negative impact on economic activity. Economics
続きを読む »
Interest Rates: Will the Federal Reserve pause, hike, then pause again?Inflation cooled considerably from last June through June this year. But the Fed might raise rates in July to keep driving inflation down further.
続きを読む »
The Federal Reserve, ExplainedThe Federal Reserve is central to the U.S. economy today, but its power has been built over decades. Its decisions can lower inflation or spark a recession. WSJ
続きを読む »