Consumer Confidence Falls & Mortgage Rates Do Nothing
In a sign of the times and how different they are from years past, today's Consumer Confidence report was the lowest reading since 1980.
Usually, on such a dismal economic report we'd see mortgage rates moving lower. That's not the case these days.
The financial markets that create the system to bring mortgage financing to consumers is still constipated. Throw in the "gun shy" attitude of the big institutions towards any mortgage related investment and there just aren't any real good reasons to see this change anytime soon.
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