Borrowers are getting rejected for loans at the highest rate in 5 years

• A Federal Reserve survey found that the rejection rate for credit applicants increased to 21.8% at an annualized rate in June.
• That's the highest mark since June 2018.
• On average, the reported probability that a loan would be rejected increased for all loans, from autos to credit cards.

For anything from credit cards to auto loans, lending conditions are getting tougher and tougher for Americans.