WASHINGTON—Banks reported that lending standards on commercial and industrial loans were basically unchanged during the April across firms of all sizes, after having eased standards consistently over the last year, according to the Federal Reserve’s April senior loan officer opinion survey.
“The Federal Reserve’s latest survey of bank lending illustrates how quickly loan demand is evolving,” stated NAFCU Chief Economist and Vice President of Research Curt Long. “As rates climb, real estate loan demand is migrating from purchase loans to HELOCs. Demand for credit card loans is growing rapidly as homeowners strain to deal with higher costs for day-to-day necessities.”
Other findings from the first-quarter survey, according to the Fed:
- A modest net share of banks reported stronger demands for loans secured by multifamily properties and reportedly eased said loans
- Banks reported easier lending standards for most residential real estate (RRE) loan types and HELOCs, as well weaker demands for all RRE loans but stronger demand for HELOCs over the first quarter
- Moderate and modest net shares of banks eased standards for credit card and auto loans
- A significant net share of banks reported strong demands for credit card loans.
The senior loan officer survey was based on responses from 69 domestic banks and 21 U.S. branches and agencies of foreign banks.
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