Retail gasoline prices for all grades averaged $3.25 per gallon (-9.5% y/y) last week for the third straight week. Prices remained above their low of $3.13 in the week of December 9. The recent high was $3.79 in the week ending April 22, 2024. Their all-time high of $5.11 occurred in the week ending June 13, 2022.

The retail price for on-highway diesel fuel rose to $3.81 per gallon (0.9% y/y) in the week of July 21 after rising slightly to $3.76 in the prior week. The latest diesel price stood well below a high of $4.63 in the week ending September 18, 2023 and a peak of $5.81 in the week ending June 20, 2022.

Mortgage applications increased 0.8% (22.1% y/y) in the week ending July 18, after falling 10.0% the prior week, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The increase was the fourth in the last five weeks.

The effective interest rate on a 30-year fixed-rate loan edged up to 7.02% in the week ending July 18, from 7.00% in the week ending July 11.