Life on the Road – Trucking News Blog

Mortgage rates move lower. Freddie Mac’s latest data shows 30-year FRMs averaging 6.63%, down from 6.67% the week prior. It’s not quite the 6.53% of early June, but markedly below the 6.74% high of mid-June. Rates on 15-year FRMs dropped .04% to 6.30%, while rates on 5-year ARMs edged down .01% to 6.29%. Average rates for 1-year ARMs actually rose .06% to 5.71%.

Gas prices rise. All it took was the sudden closure of a Kansas refinery, and gas prices jumped $.03 to a national average of $2.952 for a gallon of regular unleaded. Oil and gas futures rose Friday on the New York Mercantile Exchange over political unrest in Nigeria and refinery production concerns in America. Oil prices rose 2.5% last week, hitting an intraday high of $72.94 Friday and closing at a 10-month peak of $72.81 on the NYMEX.

Another winning week. The major indexes started strong last Monday, lost ground and then made it back as investors were buoyed by Friday’s jobs report, corporate takeovers, and renewed interest in energy companies. The S&P 500 had its best week since April, and all three major indexes gained ground.

Diesel fuel national average. $2.835, up from $2.829 from last week.