(Bloomberg) -- Consumer perceptions of tighter lending standards remained high in March, according to two different surveys, potentially leading to slower loan growth, frequently a precursor to an economic downturn.

A net 68% of respondents anticipate that credit will be harder to obtain in the year ahead, a Federal Reserve Bank of New York survey released Monday showed. This is the highest share of consumers expecting tighter credit in four months and compares with a net 70.4% a year ago.

High debt levels, and higher interest rates paired with years of elevated inflation are weighing on households and that likely points to lower risk tolerance among lenders. Stricter standards make it harder for consumers to get credit for home and home equity loans, credit cards, and auto loans.

Separately, a survey conducted by Fannie Mae found that 58% of respondents think it would be difficult for them to get a home mortgage today. That’s a four percentage-point jump since February and the largest monthly increase since September. The share saying it would be hard for them to get a home loan is up 6 percentage points from a year earlier.

From November 2015 to April 2022, the majority of consumers said it would be easy to obtain a mortgage.

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