Mortgage rates up, gas prices still falling

Mortgage rates leaped higher last week with Freddie Mac reporting the 30-year fixed-rate mortgage averaged 5.55% for the week ending Aug. 25, making it more expensive for Americans to buy a new home.

A week earlier, the rate was 5.13%.

A year ago, a 30-year FRM stood markedly lower at 2.87%.

As mortgage rates rise, prices at the pump continue to fall, albeit at a slow rate of decline compared to previous weeks.

The average U.S. price for a gallon of regular gasoline Saturday cost $3.85, down 5 cents from a week ago and 45 cents lower than a month ago. A year ago, the U.S. average was $3.14.

In Missouri, Saturday’s average price for unleaded regular was $3.47, the same as a week ago and 50 cents lower than a month ago.

Locally, the following Saturday ranges were witnessed:

• Cape Girardeau: $3.29 to $3.39.
• Jackson: $3.19 to $3.59.
• Perryville: $3.39 to $3.49.
• Scott City: $3.29 to 43.39.

The Southeast Missourian does not associate prices with specific gas stations due to rapid price volatility.

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