Majority of banks keep residential mortgage, consumer credit standards constant

Most lenders providing government-sponsored enterprise eligible residential mortgages have kept credit standards unchanged over the past quarter, based on responses to the Federal Reserve's April 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices. More than 83% of senior officers said they maintained credit standards.

For revolving home equity lines of credit, over 71% stated they kept credit standards the same. However, nearly 27% claimed they tightened them somewhat.

While banks kept consumer loan credit standards unchanged over the past quarter, a sizable number tightened them somewhat. For credit cards, auto loans and other consumer loans, 65.2%, 68.6%, and 76.4%, respectively, kept them constant. But 23.5% to 32.6% somewhat tightened standards