The school said that optimistic consumers were just 14 percent of the respondents and that pessimistic persons were more than double, 28.9 percent.
The school has been doing such surveys since September 2002.
In the current study 71 percent of the respondents thought that interest rates would be going up. Only 19.5 percent thought this was a good time to buy a home.
Respondents in the survey were asked five questions about the economy and then their responses were summed to 100 points.
Persons in 707 homes gave responses from May 2 to May 15, said the school.
Although the school said that the dip was significant, consumer confidence still is at an index point of 39.8, which is higher than during the dark days of 2009 when the level was below 30.