Consumer confidence stays low

September 29th, 2011

Consumer confidence was mostly unchanged in September 2011, according to the Conference Board. The Consumer Confidence Index is at 45.4, following a sharp decline in August. Meanwhile, mortgage rates are at a low point, but many potential borrowers are unable to take advantage of them.

Pessimism about economy

Lynn Franco, director of the Conference Board Consumer Research Center, said in a statement:

The pessimism that shrouded consumers last month has spilled over into September. Consumer expectations, which had plummeted in August, posted a marginal gain. However, consumers expressed greater concern about their expected earnings, a sign that does not bode well for spending. In addition, consumers' assessment of current conditions declined for the fifth consecutive month, a sign that the economic environment remains weak.

Worry about jobs

Many consumers continue to express concern about the high unemployment rate. Of those polled, 50 percent said jobs are "hard to get," compared with 48.5 percent the previous month. With so many people feeling uncertain about the economy and jobs, they are unlikely to increase spending to stimulate the economy. The gloomy job outlook also means a lot of homeowners won't be able to refinance or sell their properties.

Mortgage calculators can help

If you're trying to take inventory of your situation to see if it might be possible to refinance, there are many free mortgage calculators that can help. Use a refinance calculator to get an idea of how your monthly mortgage payments would be affected by getting a new loan. Mortgage rates are as low as they've ever been right now, so if it has been a while since you got your home loan, there is the potential for some significant savings.

An amortization schedule can allow you to see the breakdown for monthly principal and interest payments. The total amount of interest that is expected to be paid out on your current loan is an important piece of information to refer to when considering a refinance. The goal with refinancing should be not only to lower monthly payments, but also to reduce the amount of interest paid out over the life of a loan.

Posted By :

Why the GDP announcement already seems like old news

November 13th, 2013

Stronger GDP growth in the third quarter shouldn't have enough impact to change your mortgage plans....  Read More

A second bite at the refinancing apple

November 06th, 2013

With housing prices continuing to rise while mortgage rates fall, new refinancing opportunities are being created...  Read More

Poor jobs report dampens economy, reveals silver lining for borrowers

October 30th, 2013

Discouraging economic news has a silver lining for mortgage shoppers, in the form of sharply lower rates....  Read More

Budget deal leaves mortgage rates stable -- for now

October 23rd, 2013

The budget deal removes one potential disruption from the mortgage market, but don't expect rates to stay stable forever....  Read More

0 Responses to "Consumer confidence stays low"

No Comments

Leave a Comment