"Interest rates were expected to increase by 85% of all consumers in the May 2004 survey, more than ever before," said Richard Curtin, the Director of the University of Michigan’s Surveys of Consumers.’ “More consumers in the May 2004 survey cited the advantage of obtaining a mortgage in advance of any additional increases in interest rates than any other time in nearly ten years,” said Curtin. ‘Discuss this statement and explain why consumer surveys are an imperfect guide to consumer expectations.