WASHINGTON, Nov 6 - Banks tightened lending standards for U.S. businesses and households in the third quarter, but the pace of change appeared to ease, and demand for loans fell broadly in a sign of the impact higher interest rates are having on the economy, the Federal Reserve reported on Monday.
The average rate for a 30-year fixed-rate home mortgage rose sharply through the summer and fall, and at more than 7.7% has hit levels not seen in nearly a quarter of a century. While more than half of banks reported tightening business lending standards in the second quarter, just 35% said they cranked down further in the third quarter, with about 62% keeping standards the same. One bank reported easing standards slightly.
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