Gas prices, car sales lead way: The government says retail sales advanced in June by the largest amount in five months, led by a surge in gasoline prices and a slight rebound in the battered auto sector. The Commerce Department says retail sales rose 0.6% last month, better than the 0.4% gain that economists had expected. It marked the second consecutive increase and boosted hopes that the economy may be on the verge of a rebound. While much of the strength came from a price-driven surge at gasoline stations, there was also strength in a number of other areas, including the best showing at auto dealerships since January.
A month-long decline: The average rate for a 30-year fixed mortgage fell again last week, continuing a month-long trend. For the week ending Sunday, the average rate was 5.26%, compared with 5.4% for the week ending July 5, says Zillow.com, a real estate Web site. Fifteen-year fixed-rate mortgages fell by the same number of points, from 4.79% to 4.65%.
