🚀 Mortgage Demand Falls

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Mortgage demand fell to its lowest level since May, despite steady interest rates, as economic uncertainty kept buyers and refinancers on the sidelines. Total mortgage applications dropped 3.8% last week, with purchase applications down 6% and refinances slipping 1%, according to the Mortgage Bankers Association. The average 30-year fixed rate dipped slightly to 6.83%, but concerns about the economy and job market are weighing more heavily on consumer sentiment. Analysts say Friday’s jobs report could shake up rates and demand in the coming weeks.

2. Tsunami waves reached California and Hawaii on Wednesday after a massive 8.8 magnitude earthquake struck off Russia’s Kamchatka Peninsula, triggering evacuations and tsunami warnings across the Pacific. Waves up to 4.9 feet hit Hawaii and 1.6 feet were observed in California, though officials say a major tsunami isn’t expected. Japan and other Pacific regions also issued alerts, with waves up to 3 meters recorded in Kamchatka and over 1 meter in parts of Japan. Hawaii canceled flights and ordered harbor evacuations, while authorities urged residents to stay away from coastlines due to ongoing risk.

3. This gold miner, with a pre-money valuation of only C$15 million, is completing a C$2 million pre-IPO equity raise to restart the Gold Road mine in Arizona, USA. The mine and mill, idled since 2021, are in excellent condition to capitalize on current high gold prices. Gold Road is Arizona's only fully permitted integrated gold mill and plans to list on the TSX.V this October. Management aims to reach 20,000 ounces of gold per year by 2025/26. This would generate over US$40 million EBITDA in 2026 and offer a substantial dividend yield paid in physical gold and silver, presenting significant upside from its current low valuation. Learn more. *

4. President Trump confirmed Wednesday that his Friday deadline for imposing “reciprocal” tariffs on dozens of countries will not be extended. He declared on Truth Social, “THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE — IT STANDS STRONG, AND WILL NOT BE EXTENDED.” The move solidifies plans to enact blanket tariffs, likely between 15% and 20%, on imports from nations lacking bilateral trade deals with the U.S., intensifying global trade tensions just days before the policy takes effect.

   Headlines

   1. The FDA’s chief medical and science officer has left the agency.

   2. Adidas is down 7% as the company warned that it would need to raise prices in the US to offset the cost of tariffs.

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