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How Consumer Spending Changes Mortgage Rates

April 17, 2007 by Scott Kinne

If the data is correct, the U.S. consumers keep doing what they do best — consume.

Despite weak consumer confidence surveys, retail sales posted a 0.7% gain, according to the U.S. Census Bureau. This means that despite rising costs, Americans continue to fuel the economy.

Speaking of fuel, a large reason for the unexpectedly large figure is that gasoline prices have been increasing lately. The average consumer, it appears, is unfazed.

With the housing sector showing weakness, consumer spending is especially important. After all, it makes up 70% of our economy as a whole. If Americans cut back on spending, it could push the country into a recession and could lead to lower mortgage rates.

By contrast, strong retail store receipts should continue to place upward pressure on mortgage rates as we’ve seen lately.

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Scott Kinne

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NMLS ID #182351
Office: 703.293.6146
Mobile: 571.237.6241
Fax: 571.317.2478
skinne@fhmtg.com

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