Consumer credit rose quickly in June and July. July debt spending was more reserved than June, up by $5.5 billion. However, June's figure was revised from an already high $10.3 billion up to $14.1 billion. What this means is that the improvement to spending this summer was artificial. Consumer spending is likely to be cut back significantly in the latter part of this year.
The positive side of this is that inflation should calm down along with slower economic growth. That would be good news for rates (mortgage and otherwise).