Updated on March 31, 2020 10:32:27 AM EDT
Marchs Consumer Confidence Index (CCI) was posted at 10:00 AM ET this morning. The Conference Board announced a reading of 120.0, down from February’s revised 132.6. This was the weakest reading since July 2017, indicating a noticeable change in consumer confidence about their own financial situations. By theory, that is favorable news for bonds and mortgage rates because waning confidence usually translates into softer levels of consumer spending that fuels economic growth. The decline did not come as a surprise though, because the coronavirus started to heavily impact our daily lives during this report’s cover period. In fact, analysts were expecting to see a lower reading than we got this morning. The net result on today’s mortgage pricing has been minimal at best.