It really depends on the profile of the applicants. Maybe more people with poor credit are applying?
Amazingly, this statistic is for people trying to get loans on Commercial Real Estate! ;-)
Probably a combination of banks tightening standards and folks reaching the end of their credit worthiness.
In any case I think this realistically shouldve happened a year ago. This seems like this should influence odds the recession that hasnt really happened but shouldve by now.
Some folks are about to hit rock bottom just as Biden begins to crow about soft landings and upward trends.