Mortgage rates hit year-to-date lows, Energy shares will be in focus today as bracing for Hurricane Harvey
August 25, 2017
Mortgage rates hit year-to-date lows this week and have declined four straight weeks in a row due in part to continued low inflation levels. Freddie Mac reported that the 30-year fixed mortgage rate fell to 3.86% from 3.89% with 0.5 in points and fees. Last year this time the rate was 3.43%. With mortgage rates holding steady, refinancing activity should remain high, particularly for cash out refinancings.
Energy shares will be in focus today as the sector braces for Hurricane Harvey, which could become the biggest storm to hit the U.S. mainland in more than a decade. It is expected to hit the Texas coastline and could bring “life-threatening” amounts of rain up to 35 inches. West Texas Intermediate oil is up modestly to $47.55 per barrel. The national average price for a regular gallon of gasoline is at $2.34, up from $2.28 a month ago.