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Consumer Confidence Up in November But Trouble Lurks
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Consumer Confidence Up in November But Trouble Lurks
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Receive Multiple Offers. Save Money.
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Consumer Confidence Up in November But Trouble Lurks
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November 29, 2011 (Chris Moore)

Consumer confidence continued to improve in November but a lack of action on important issues before the President and Congress over the next month could have a negative impact on consumer expectations according to the latest Surveys of Consumers by Reuters/University of Michigan.

The two most important issues likely to influence consumer confidence are the extension of the payroll tax cut and unemployment benefits. Both programs are set to expire at the end of the year and failure to resolve these issues would most likely have an immediate negative impact on consumers.

Consumers continued to have a negative view of the Obama administration’s current policies with the majority of the consumers giving the administration an unfavorable rating, the fourth consecutive month consumers have done so.

The Federal Reserve couldn’t escape the wrath of consumers either, with the majority of the consumers surveyed expressing less confidence in the Fed. It was the second consecutive month in which a majority of the consumers expressed a pessimistic view of the Fed. Consumers who said they had lost confidence in the both the Fed and the administration were extraordinarily pessimistic about the outlook of the national economy.

For the 48th consecutive month, more consumers reported that their finances had worsened rather than improved with income declines mentioned more frequently than gains as the primary reason.

Consumers continued to express their belief that their prospects will worsen in the coming year with half of all families expecting their living standards to decline during the next year with only 22 percent expecting their finances to improve.

All three indices that make up the Index of Leading Economic Indicators posted gains in November, but were still down from last year’s levels.

The Consumer Sentiment Index climbed 5.3 percent to 64.1 in November, up from 60.9 in October but down 10.5 percent from 71.6 in November of last year.

The Consumer Expectations Index increased to a level of 55.4 in November, up 6.9 percent from a level of 51.8 in October and down 14.5 percent from a level of 64.8 in November 2010.

The Current Conditions Index climbed 3.3 percent to 77.6 in November, up from 75.1 in October but down 5.5 percent from 82.1 in November of last year.

Richard Curtin, Surveys of Consumers chief economist said, “What will translate a political riff into an economic calamity for many families is if the payroll tax cut and unemployment benefits that are scheduled to expire at the end of December are not extended. Consumer confidence is now quite vulnerable to set-backs due to any number of adverse domestic and international economic developments. Doing nothing is not an option for Congress, the President, or the Federal Reserve since the lack of action will significantly raise the likelihood of a renewed recessionary downturn, which is already uncomfortably high.”

Tags: Surveys of Consumers, Reuters/University of Michigan, consumers, economic slowdown, finances, recession, financial expectations

Source:
Reuters/University of Michigan

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November 29, 2011 (Chris Moore)

Consumer confidence continued to improve in November but a lack of action on important issues before the President and Congress over the next month could have a negative impact on consumer expectations according to the latest Surveys of Consumers by Reuters/University of Michigan.

The two most important issues likely to influence consumer confidence are the extension of the payroll tax cut and unemployment benefits. Both programs are set to expire at the end of the year and failure to resolve these issues would most likely have an immediate negative impact on consumers.

Consumers continued to have a negative view of the Obama administration’s current policies with the majority of the consumers giving the administration an unfavorable rating, the fourth consecutive month consumers have done so.

The Federal Reserve couldn’t escape the wrath of consumers either, with the majority of the consumers surveyed expressing less confidence in the Fed. It was the second consecutive month in which a majority of the consumers expressed a pessimistic view of the Fed. Consumers who said they had lost confidence in the both the Fed and the administration were extraordinarily pessimistic about the outlook of the national economy.

For the 48th consecutive month, more consumers reported that their finances had worsened rather than improved with income declines mentioned more frequently than gains as the primary reason.

Consumers continued to express their belief that their prospects will worsen in the coming year with half of all families expecting their living standards to decline during the next year with only 22 percent expecting their finances to improve.

All three indices that make up the Index of Leading Economic Indicators posted gains in November, but were still down from last year’s levels.

The Consumer Sentiment Index climbed 5.3 percent to 64.1 in November, up from 60.9 in October but down 10.5 percent from 71.6 in November of last year.

The Consumer Expectations Index increased to a level of 55.4 in November, up 6.9 percent from a level of 51.8 in October and down 14.5 percent from a level of 64.8 in November 2010.

The Current Conditions Index climbed 3.3 percent to 77.6 in November, up from 75.1 in October but down 5.5 percent from 82.1 in November of last year.

Richard Curtin, Surveys of Consumers chief economist said, “What will translate a political riff into an economic calamity for many families is if the payroll tax cut and unemployment benefits that are scheduled to expire at the end of December are not extended. Consumer confidence is now quite vulnerable to set-backs due to any number of adverse domestic and international economic developments. Doing nothing is not an option for Congress, the President, or the Federal Reserve since the lack of action will significantly raise the likelihood of a renewed recessionary downturn, which is already uncomfortably high.”

Tags: Surveys of Consumers, Reuters/University of Michigan, consumers, economic slowdown, finances, recession, financial expectations

Source:
Reuters/University of Michigan

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It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
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REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
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MORTGAGELOANRATEUPDATE
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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

November 29, 2011 (Chris Moore)

Consumer confidence continued to improve in November but a lack of action on important issues before the President and Congress over the next month could have a negative impact on consumer expectations according to the latest Surveys of Consumers by Reuters/University of Michigan.

The two most important issues likely to influence consumer confidence are the extension of the payroll tax cut and unemployment benefits. Both programs are set to expire at the end of the year and failure to resolve these issues would most likely have an immediate negative impact on consumers.

Consumers continued to have a negative view of the Obama administration’s current policies with the majority of the consumers giving the administration an unfavorable rating, the fourth consecutive month consumers have done so.

The Federal Reserve couldn’t escape the wrath of consumers either, with the majority of the consumers surveyed expressing less confidence in the Fed. It was the second consecutive month in which a majority of the consumers expressed a pessimistic view of the Fed. Consumers who said they had lost confidence in the both the Fed and the administration were extraordinarily pessimistic about the outlook of the national economy.

For the 48th consecutive month, more consumers reported that their finances had worsened rather than improved with income declines mentioned more frequently than gains as the primary reason.

Consumers continued to express their belief that their prospects will worsen in the coming year with half of all families expecting their living standards to decline during the next year with only 22 percent expecting their finances to improve.

All three indices that make up the Index of Leading Economic Indicators posted gains in November, but were still down from last year’s levels.

The Consumer Sentiment Index climbed 5.3 percent to 64.1 in November, up from 60.9 in October but down 10.5 percent from 71.6 in November of last year.

The Consumer Expectations Index increased to a level of 55.4 in November, up 6.9 percent from a level of 51.8 in October and down 14.5 percent from a level of 64.8 in November 2010.

The Current Conditions Index climbed 3.3 percent to 77.6 in November, up from 75.1 in October but down 5.5 percent from 82.1 in November of last year.

Richard Curtin, Surveys of Consumers chief economist said, “What will translate a political riff into an economic calamity for many families is if the payroll tax cut and unemployment benefits that are scheduled to expire at the end of December are not extended. Consumer confidence is now quite vulnerable to set-backs due to any number of adverse domestic and international economic developments. Doing nothing is not an option for Congress, the President, or the Federal Reserve since the lack of action will significantly raise the likelihood of a renewed recessionary downturn, which is already uncomfortably high.”

Tags: Surveys of Consumers, Reuters/University of Michigan, consumers, economic slowdown, finances, recession, financial expectations

Source:
Reuters/University of Michigan

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.