Declining Consumer Confidence Echoes Jittery Stock Market
One silver lining from a weakening economy and souring consumer sentiment is mortgage rates, which continue to slide downward. According to the BankingMyWay Weekly Mortgage Rate tracker, 30-year mortgage rates are still below the 4% mark, with three- and five-year adjustable-rate mortgages well below 3%.
That's good news for credit-worthy home buyers and for homeowners looking to refinance.
But for everyone else, the decline in consumer confidence is what it is: a signal that, once again, Americans have little faith in the U.S. economy, and aren't inclined to spend much to support it.