The Federal Reserve reported that many U.S banks lowered their credit standards in November and have since reported a rising number of loan requests and higher demand for residential mortgage loans. The Federal Reserve stated, “modest fractions of domestic banks reported having eased their standards across major loan categories over the past three months on net. Domestic respondents indicated that demand for business loans, prime residential mortgages, and auto loans had strengthened.” This is positive news for the housing market and the economy as many prospective buyers will be able to qualify for loans. More here
