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Economy

Consumer confidence rebounds in February as shoppers adjust to payroll tax hike

Americans' confidence in the economy rebounded in February, reversing three straight months of declines as shoppers began adjusting to a payroll tax hike last month.

The New York-based Conference Board says Tuesday that its Consumer Confidence Index stands at 69.6, up from a revised 58.4 in January. Economists had expected 60.5, according to research firm FactSet.

It was the highest reading since November's 71.5. Confidence has fallen since then as shoppers were worried about growing economic uncertainty.

The consumer confidence indicator is watched closely because consumer spending accounts for 70 percent of U.S. economic activity. The figure is still well below the 90 reading that indicates a healthy economy.

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Loan Type Graph Rate +/- Last Week
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15 Y Fixed Graph 3.27% -- 3.27%  
30 Y Fixed Jumbo Graph 4.56% dw 4.60%  
5/1 ARM Graph 3.35% dw 3.48%  
5/1 Jumbo ARM Graph 3.54% up 3.51%  
Loan Type Graph Rate +/- Last Week
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$50K HELOC Graph 4.11% dw 4.17%  
$30K Loan Graph 4.99% dw 5.10%  
$50K Loan Graph 4.40% dw 4.55%  
$75K Loan Graph 4.40% dw 4.51%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.91% up 2.86%  
36 M Used Graph 3.43% up 3.36%  
48 M New Graph 3.19% up 3.14%  
48 M Used Graph 2.97% up 2.93%  
60 M New Graph 3.22% up 3.17%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.35% up 0.34%  
1 yr Graph 0.68% -- 0.68%  
5 yr Graph 1.38% up 1.37%