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Mortgage Rates Impacting Real Estate Market

Hey all. Welcome back to Emerge.

Author

Liam Gill
August 04, 2023

Market Overview
Read time 0.7 minutes

Year To Date Performances:

Dow Jones  35,215.89 6.28%
S&P 500  4,501.89 17.72%
Nasdaq  13,959.72 34.40%
Rusell 2000 1,961.40 12.03%
TSX  20,120.74 3.48%
Bitcoin $29,188.40 76.59%
Ethereum $1,835.85 53.56%
US to Canadian Dollar $1.34 -1.60%

  1. Increasing mortgage rates are causing a decline in homebuyer activity. The average 30-year fixed rate rose to 6.93% from 6.87%, leading to a 3% drop in mortgage applications compared to the previous week. On a yearly basis, mortgage applications have decreased by 26%. Even foreign buyers are affected, with 14% fewer homes purchased in the US compared to the previous year, as higher rates make them reconsider their investments.

  2. Currently, Amazon has less than 5% of the massive $1.5 trillion US grocery market, however, the company has big plans to increase its presence in this sector. Amazon is making significant changes to its grocery business, including revamping stores, automating warehouses, and providing food delivery even to non-Prime members. Additionally, the company is consolidating its various grocery services, like Whole Foods, Fresh, and Amazon.com, into one convenient online shopping cart for customers. These changes have already started being implemented as of yesterday.

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  4. Headlines

    1. According to data from the Department of Energy, US crude oil inventories saw their largest weekly decrease on record last week.

    2. Bill Ackman is making a substantial bet on a drop in 30-year US Treasuries as investors continue making moves against the US economy.

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