A late freeze this spring, followed by dry summer weather, has affected some of the District's fruit crops. The winter wheat harvest is complete throughout the District, with yields above last year's. Banking and Finance Lending activity in the District has been flat, or perhaps slightly down, in the commercial and consumer areas. Mortgage refinancing is characterized as moderate. Consumer delinquencies are reported to be unchanged since the last District report.
Most respondents feel the consumer debt situation has stabilized, although levels are somewhat high.
Commercial delinquencies remain quite low. The spread between borrowing and lending rates remains narrow, and some small banks report trimming costs to remain competitive. Many said they had eliminated application and ATM fees. Credit standards are reportedly tighter. Banks note that there is very little evidence of speculative home building in the District.