On the lending side, current mortgage rates are about a full percentage point higher than they were earlier this year, which would suggest they have room to fall back now that the economic outlook is cloudier. Remember though, that mortgage rates represent a 15- or 30-year commitment. Lenders will always be quicker to raise rates than to lower them, so don't count on a return to previous mortgage rate lows.
Normally, savers and borrowers are on opposite sides of the interest rate fence. However, with deposit rates a long shot to make much progress and mortgage rates unlikely to get as low as they were a few months ago, it might just be a lose-lose scenario for consumers with respect to interest rates for the remainder of this year.