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South Sudan men’s basketball inspires, up next for Team USA

VILLENEUVE-D’ASCQ, France – When South Sudan men’s 5×5 basketball player Peter Jok was 3 years old, his father, Dut, was killed in Sudan’s civil war. His grandfather also was killed in the war, and his family fled to Uganda and Kenya and eventually settled in Des Moines, Iowa.

Jok’s story is not unique to natives of what is now South Sudan.

What is unique is the South Sudan basketball team’s inspiring appearance at the 2024 Paris Olympics. Participating in its first Olympics basketball event, South Sudan defeated Puerto Rico 90-79 on Sunday.

“This means a lot to me individually than anything that I’ve ever been part of,” said Jok, who played college basketball at Iowa. “So every time I go out there, I know I got to make them proud and make the whole country proud.”

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2024 Olympic medals: Who is leading the medal count? Follow along as we track the medals for every sport.

South Sudan plays the U.S. Wednesday (9 p.m. ET) in a Group C game, and the winner puts itself in great position to advance to the knockout round. And consider the U.S. beat South Sudan 101-100 and South Sudan had a chance for the upset on the game’s final shot. Still, the U.S. is a 30-point favorite.

“Totally different game than the Serbia game. For example, five 3-point shooters, Carlik Jones coming downhill on pick and roll,” U.S. coach Steve Kerr said. “So we have to be better prepared for what they’re going to do, the number of 3s they’re going to take, the speed with which they play. I’m glad we played them in the friendly to remind us of how good they are and what we have to prepare for.”

Kerr is also cognizant of the progress the South Sudan Basketball Federation has made in short time.

“It’s an incredible accomplishment given the strife in that region for so long,” Kerr said. “So many refugees coming to the United States and other countries over the last few decades rebuilding lives. Then to build a basketball federation amidst the war and the difficulty. And then for Royal (Ivey) and his staff to put together a really good team that plays modern basketball, stretch the floor, shoots the 3, attacks the rim. Pretty dramatic and remarkable.”

The region was ravaged by war, famine and disease for decades, and in two civil wars, nearly three million people died.

South Sudan gained independence in 2011, and though the basketball federation started that year, growing basketball was not a priority for the new country.

However, in 2020 Luol Deng, the former NBA All-Star from Wau, Sudan (now South Sudan), became president of the South Sudan Basketball Federation, and a year later, he made Ivey the team’s head coach.

What is now South Sudan has often produced basketball players – Deng and Manute Bol being the most famous. Deng brought structure and fundraising to the program, and by finishing as the top team from Africa at the 2023 FIBA World Cup, South Sudan qualified for this year’s Olympics.

“A lot of hard work and togetherness,’ said Ivey, who played in the NBA and is an NBA assistant coach with the Houston Rockets. ‘A commitment from the president to bring these guys together. A lot of years where we weren’t productive. Four years ago, we were in AfroBasket, and I didn’t have the same amount of talent. But Luol was able to congregate all this talent and now we’re rolling and we got a style of playing and it’s been fun.”

Go through the roster and if you follow college basketball, you may recognize some names besides Jok. Nuni Omot played at Baylor; Wenyen Gabriel played at Kentucky and in the NBA; Marial Shayok played at Virginia and Iowa State; Jones is South Sudan’s best player – he was born in Cincinnati but became a naturalized citizen of South Sudan. He played at Radford and Louisville; Khaman Maluach is the youngest player in the men’s event at 17 and he will be a freshman at Duke this season.

“Gave me chills seeing the South Sudanese flags and my people here,” Maluach said. “It’s really hard to explain how big this is, but it means everything.”

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U.S. women win first Olympic medal in rugby sevens

Editor’s note: Follow Olympic gymnastics live results, scores and highlights as Simone Biles and the U.S. women’s team compete in the team final.

PARIS – The U.S. women’s rugby sevens team can walk away from the Paris Olympics with their heads held up high.

After never finishing an Olympic rugby competition better than fifth, the U.S. women are taking home a bronze medal after a thrilling 14-12 comeback victory against Australia on Tuesday.

Down 12-7 with the bronze medal on the line and less than a minute remaining, Alex Sedrick found an opening and sprinted down the field for a game-tying try. She hit the ensuing game-winning conversion to put icing on the cake and give the Team USA women their first medal in Olympic rugby sevens competition.

“It was crazy because I was like no way this is happening,” Ilona Maher said. “(Alex Sedrick’s) been an MVP for me this whole season.”

2024 Olympic medals: Who is leading the medal count? Follow along as we track the medals for every sport.

In the first half, Australia got on the board first when Maddison Levi scored a try with a conversion to follow. The U.S. women tied the score 7-7 at the end of the half when Alev Kelter got a try and conversion.

The second half was an offensive struggle until Levi scored what many thought would be the game-winning try, but the U.S. women had a bronze-medal winning answer.

“It takes a lot to get here,” U.S. rugby player Ariana Ramsey said. “We were channeling some frustration from Tokyo (the 2021 Olympics). I knew I didn’t want to feel like that again.”

The U.S. squad lost to New Zealand in the semifinal to set up their bronze medal match. The semifinal against eventual back-to-back gold medal champion New Zealand was ultimately a measuring stick to find out where the rugby sevens club stacks up against the world’s best.

“They are a fantastic team. We know that,” U.S. women’s rugby captain Naya Tapper said of New Zealand. “We are always grateful to be able to go up against a team like that because it only makes us better.”

It turns out the U.S. women are among the best.

The U.S. rugby team has seen growth in international competition and an uptick in exposure. Spectators chanted “USA” during their quarterfinal win against Great Britain and Tuesday’s matches were in front of a packed house at Stade de France.

Retired Philadelphia Eagles center Jason Kelce caught the U.S. women’s rugby team in action in Paris. Even Baltimore Ravens running back Derrick Henry even took notice of the squad and Maher, thousands of miles away in Maryland.

The bronze medal will add exposure for the women’s rugby program in advance of the 2028 Olympics in Los Angeles.

‘We did a lot for our program just now,’ Ramsey said. ‘We are gonna bring out so many more fans now that we are actually winning. People are gonna want to see what rugby is about and learn more about our game.’

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Sports

How Simone Biles did at women’s gymnastics team final

Simone Biles and the U.S. women’s gymnastics team added another medal at the 2024 Paris Olympics — this one a gold in the all-around team final.

Biles, who has been nursing a sore calf that she tweaked Sunday during the qualifying round, competed in all four events of the team final Tuesday, putting up huge scores to help the U.S. continue their medal streak in the all-around final that goes back to the 1992 Barcelona Olympics.

Biles earned her eighth Olympic medal and fifth gold. With that, Biles surpassed Shannon Miller as the American gymnast with the most career Olympic medals. It also extended the record she already held, for most gold medals by an American gymnast.

Widely considered one of the greatest gymnasts of all time, Biles is also among the favorites to win the women’s all-around competition — she has not lost one since 2013 — as well as the floor exercise, vault and balance beam events.

2024 Olympic medals: Who is leading the medal count? Follow along as we track the medals for every sport.

How did Simone Biles do Tuesday?

In the first rotation (vault), Biles anchored the team and performed the Cheng vault, recording an overall score of 14.900 — highest of all U.S. gymnasts in the vault. Her vault score was given a difficulty of 5.6 points and 9.3 points, out of a possible 10, in execution. Jordan Chiles recorded a 14.400 and Jade Carey scored 14.800 in vault.

On uneven bars, Biles was clean and methodical, losing execution points only on minor deductions. She scored 14.400 overall in the event, with a difficulty score of 6.2 points.

In the third rotation, balance beam, Biles went through the majority of her performance with only minor wobbles that she was able to correct, using her arms to shift her weight to regain balance. Biles recorded a score of 14.366 on a difficulty level of 6.4 points.

Biles once again anchored the U.S. team in the fourth and final rotation, the floor exercise, and she showcased her speed and power, landing multiple complicated jumps. While she stepped out of bounds twice, her score of 14.666 easily secured gold for the U.S.

She accounted for 58.332 overall points across the four rotations, leading the U.S. gymasts.

Gymnastics team all-around results

In what was a dominant performance, the United States — with a total of 171.296 points — won the gold medal during the all-around team final. Italy (165.494) surprised with a silver medal and Brazil (164.497) earned bronze.

Simone Biles calf injury update

During the women’s team final, Biles did not appear to be hindered by her injured left calf, showing no notable limp or favoring of the leg. Biles did have it wrapped in a sleeve, however, though that also did not appear to impede her performance in any way.

During a qualifying round Sunday, Simone Biles tweaked her left calf during warmups on floor exercise, but powered through the remainder of the session.

Despite suffering the tweak, Biles competed in all four events, anchoring the U.S. on vault, balance beam and floor exercise, and go second-to-last on uneven bars.

When does Simone Biles compete next?

Simone Biles will next compete in Paris in the women’s gymnastics all-around final on Thursday, August 1 (12:15 p.m. ET). Here’s her full Olympics schedule: 

The women’s all-around final is at 12:15 p.m. ET Thursday, Aug. 1.
The women’s vault final is at 10:20 a.m. ET Saturday, Aug. 3.
The women’s balance beam final (6:36 a.m. ET) and floor exercise final (8:20 a.m.) are Monday, Aug. 5.

Simone Biles’ Olympic medals

2016 Rio de Janeiro ― Gold: Team all-around
2016 Rio de Janeiro ― Gold: All-around
2016 Rio de Janeiro ― Gold: Vault
2016 Rio de Janeiro ― Gold: Floor exercise
2016 Rio de Janeiro ― Bronze: Balance beam
2020 Tokyo ― Silver: Team all-around
2020 Tokyo ― Bronze: Balance beam
2024 Paris — Gold: Team all-around

Olympic gymnastics scoring: How does it work?

A gymnastics routine gets two scores: One for difficulty, also known as the D score or start value, and one for execution. Every gymnastics skill has a numerical value, and the D score is the sum total of the skills in a routine. The execution score, or E score, reflects how well the skills were done. A gymnast starts with a 10.0, and deductions for flaws and form errors are taken from there. Add the D and E scores together, and that’s your total for an apparatus. (Vault scores will always be higher because it’s a single skill.)

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Politics

Biden top adviser Anita Dunn leaves White House for Super PAC supporting Harris

President Biden’s senior advisor Anita Dunn is leaving the White House to join a top Democratic Super PAC to support its efforts to elect Vice President Harris in November, Fox News has learned. 

Dunn served as a political strategist and adviser to Biden on his 2020 campaign and served in the White House during his first term. 

‘Four years ago, when I launched my campaign for the battle for the soul of our nation, I was grateful Anita Dunn was right there with me. I’ve known Anita throughout my career,’ Biden said in a statement Tuesday. 

‘She’s served our nation through three Administrations and countless campaigns for candidates at every level. She’s not only a key senior member of our team that helped us win a historic election in 2020 – she’s also been an invaluable part of our White House.’ 

Biden said Dunn is ‘tough and tested, and her experience and intellect have helped us deliver historic results for the American people.’ 

‘I deeply value her counsel and friendship and I will continue to rely on her partnership and insights as we finish the job over the next six months,’ Biden said. 

Dunn said it has been ‘an honor and privilege to serve in this White House, with this President and this team, during this transformational term.’ 

Fox News has learned that Dunn is joining Future Forward, the Super PAC, and will help with their efforts on behalf of Harris as the presumptive Democratic nominee. 

Before joining the White House, Dunn served as a senior adviser on Biden’s presidential campaign. 

A source told Fox News that Dunn was widely credited with having steered the 2020 Biden campaign ‘so ably’ after Iowa and New Hampshire — an interim period before then-Biden campaign manager Jen O’Malley Dillon was brought on board.

Dunn also previously served as a chief strategist for former President Barack Obama’s 2008 presidential campaign and then served as his White House communications director until 2009.

But sources told Fox News that Dunn was effectively exiled from Biden’s inner circle in the days and weeks following his disastrous debate performance against former President Trump in June. Dunn played a heavy role in preparing Biden for that showdown. 

A source told Fox News that when Biden decided to announce the suspension of his re-election campaign amid pressure from within the Democratic party after the debate, Dunn found out about his decision just one minute before the public — on a call with the rest of Biden’s staff. 

Multiple sources told Fox News there was a longstanding rift between Hunter Biden, Dunn, and Dunn’s husband, Bob Bauer. Bauer had advocated that Biden keep his son’s legal issues far away from the White House. 

After the debate, sources said Hunter ‘got his way’ and the inner circle began to exclude Dunn. 

A source familiar with Dunn’s exit said she could have remained in her role should she have chosen to. 

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Politics

New Secret Service chief grilled on ‘pattern of negligence’ within agency after Trump assassination attempt

A group of House Republicans is accusing the U.S. Secret Service of a potential ‘pattern of negligence’ amid continued fallout over the attempted assassination of former President Trump.

Rep. Andy Biggs, R-Ariz., is leading a letter to acting USSS Director Ronald Rowe raising alarms about a recent report suggesting the agency could be facing some negative revelations in a forthcoming Department of Homeland Security (DHS) Inspector General report about the Jan. 6 Capitol riot.

‘It is unfathomable that an assassin was able to gain access to and fire shots at President Trump from an unsecure building with a direct line of sight to the rally stage. It is equally unfathomable that public reporting suggests that U.S. Secret Service had identified the building as a potential vulnerability and failed to include that vulnerability within the security perimeter or otherwise ensure the security of the roof,’ the lawmakers wrote of the July 13 shooting at Trump’s rally in Butler, Pennsylvania.

The letter then pivoted to a Politico report, stating, ‘Public reporting indicates that the Secret Service is in possession of a draft report by the Department of Homeland Security’s Office of Inspector General (DHS OIG) focused on Secret Service’s preparation for and response to events on January 6, 2021.’

‘The story specifically states that the release of the report ‘could cast light on a series of embarrassing security lapses for the agency,’’ the letter said.

‘Congress, and the American people, deserve to understand whether the security lapses at the July 13, 2024, rally are part of a larger pattern of negligence on the part of the Secret Service.’

Republicans are asking Rowe for a summary of the DHS watchdog report’s findings and recommendations for the Secret Service, and how those steps were carried out ahead of the Trump rally shooting, by July 31.

The letter is also signed by Reps. Eli Crane, R-Ariz., and Harriet Hageman, R-Wyo.

The Secret Service has been under a mountain of scrutiny in the wake of the shooting, which saw a 20-year-old gunman kill one rally attendee and critically injure two others. Trump himself was shot in the ear and rushed offstage by security agents.

The pushback led to the resignation of former Director Kimberly Cheatle last week after a heated House Oversight Committee hearing.

Rowe testified in an equally high-pressure scenario before the Senate on Tuesday, where he told lawmakers on the Homeland Security and Judiciary committees that the rally shooting was a ‘failure’ of his agency.

Fox News Digital reached out to the Secret Service for comment.

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Politics

Project 2025 leader steps down amid criticism from Trump

The leader of the Heritage Foundation’s Project 2025 has stepped down amid unrelenting criticism of the program from former President Trump and Democrats’ continued efforts to link Trump’s campaign to the project.

Billed by Heritage as a blueprint for a future Republican administration to restructure many parts of the U.S. government, Project 2025, also known as the Presidential Transition Project, launched in April 2022 and is not associated with Trump’s campaign.

Trump called the program ‘absolutely ridiculous and abysmal’ as the then-Biden campaign was zeroing in, pointing to the 900-page conservative plan to steer voters away from a second Trump administration. 

Kevin Roberts, president of Heritage, issued a statement Monday confirming that the project’s leader, Paul Dans, would be stepping down. 

‘Under Paul Dans’ leadership, Project 2025 has completed exactly what it set out to do: bringing together over 110 leading conservative organizations to create a unified conservative vision, motivated to devolve power from the unelected administrative state, and returning it to the people. This tool was built for any future administration to use,’ said Roberts. 

‘When we began Project 2025 in April 2022, we set a timeline for the project to conclude its policy drafting after the two party conventions this year, and we are sticking to that timeline. Paul, who built the project from scratch and bravely led this endeavor over the past two years, will be departing the team and moving up to the front where the fight remains,’ he continued. 

‘We are extremely grateful for his and everyone’s work on Project 2025 and dedication to saving America. Our collective efforts to build a personnel apparatus for policymakers of all levels – federal, state, and local – will continue,’ he said. 

The Trump campaign responded to the news, saying, ‘Reports of Project 2025’s demise would be greatly welcomed.’

‘President Trump’s campaign has been very clear for over a year that Project 2025 had nothing to do with the campaign, did not speak for the campaign, and should not be associated with the campaign or the President in any way,’ the campaign said. ‘Reports of Project 2025’s demise would be greatly welcomed and should serve as notice to anyone or any group trying to misrepresent their influence with President Trump and his campaign — it will not end well for you.’

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VP Kamala Harris could name one of these 5 Democrats as her running mate

Vice President Kamala Harris could name her running mate as soon as later this week or next week.

Harris quickly coalesced Democratic Party support in the two days after President Biden’s blockbuster July 21 announcement that he was ending his 2024 re-election bid against former President Trump and endorsing his vice president.

With Harris now considered the party’s presumptive presidential nominee – thanks to what her campaign says are verbal commitments of support from a majority of the delegates attending the upcoming Democratic National Convention in Chicago – focus has now turned to whom she’ll choose as her running mate.

A number of the politicians considered near the top of her list have been campaigning on behalf of the vice president the past few days.

A couple of potential contenders – such as North Carolina Gov. Roy Cooper and Michigan Gov. Gretchen Whitmer – in recent days have taken their names out of the mix.

But with the clock ticking toward the expected announcement, here are five top Democrats who are believed to still be in contention to serve as the vice president’s running mate.

Sen. Mark Kelly of Arizona

The 60-year-old Kelly, a former Navy pilot and NASA astronaut, has represented swing state Arizona in the Senate since 2020.

He won a special election to succeed the late GOP Sen. John McCain, becoming the first Democrat in four decades to hold the seat. Kelly easily won re-election in 2022.

As a border-state Democrat, Kelly has highlighted his differences with the Biden-Harris administration when it comes to combating the influx of migrants over the southern border with Mexico. That could come in handy as the Trump campaign and Republicans repeatedly blast Biden and Harris over the issue of border security.

Kelly is the husband of former Rep. Gabby Giffords of Arizona, who was severely injured in a 2011 shooting and has become a prominent gun safety advocate. 

The senator would not only help Harris with the electoral map and the message, but also with the money. Kelly is a proven fundraiser who hauled in nearly $90 million for his 2022 re-election, when he won a full term in the Senate.

Pennsylvania Gov. Josh Shapiro

Shapiro, 51, served six years as Pennsylvania’s attorney general before winning election as governor in 2022.

If named to the ticket, it’s likely the governor would give the Democrats a boost in Pennsylvania, a crucial northeastern battleground state.

Shapiro could also make history as the first Jewish vice president in the nation’s history.

The governor, who has been campaigning on behalf of Harris in Pennsylvania the past few days, obviously helps her with the map, but also with money, as Shapiro raised big bucks for his 2022 gubernatorial victory and has continued to build strong bonds with top dollar national donors.

Minnesota Gov. Tim Walz

The 60-year-old Walz is in his second term as governor of Minnesota, a state that Democrats have reliably won in presidential elections but which is now considered to be competitive.

Walz can also showcase a slew of progressive policy victories, including protecting abortion rights, legalizing recreational marijuana and restricting gun access.

While Minnesota isn’t considered a top battleground state, the Trump campaign since the spring has signaled that it would try to put the state in play. But having the plainspoken Walz on the national ticket could also help Harris in the two neighboring Midwestern swing states – Wisconsin and Michigan.

And Walz, the chair of the Democratic Governors Association, has helped steer the organization to record-breaking fundraising this year.

Transportation Secretary Pete Buttigieg

The former South Bend, Indiana, mayor went from long shot to a top contender for the 2020 Democratic presidential nomination.

As transportation secretary, the 42-year-old Buttigieg has been one of Biden’s most visible Cabinet members, often speaking out on behalf of the administration in TV interviews.

Buttigieg, a Rhodes scholar who also served in the war in Afghanistan, made history as the first openly gay person confirmed to a presidential Cabinet position.

While Indiana is solidly red, Buttigieg now calls neighboring battleground Michigan home. He’s also a veteran of the Sunday talk shows and cable news networks, who would help Harris with the message, and has presidential level fundraising experience from his 2020 White House bid.

Kentucky Gov. Andy Beshear

The 46-year-old Beshear was elected attorney general in 2015 and four years later won election as governor in deep red Kentucky.

Last November, he was re-elected by five points in a state Biden lost by 26 points in 2020.

Beshear is following in his father’s footsteps. Steve Beshear won election and re-election as Kentucky governor in 2007 and 2011.

The younger Beshear has been effective in keeping his distance from the national party by focusing on state issues and highlighting economic progress and his handling of natural disasters. But he’s also spotlighted his support for abortion rights and his progress on health care and education.

While Beshear on the ticket wouldn’t help Harris with the map – Kentucky’s bright red in presidential elections – he’s drawn stark contrasts with Trump running mate Sen. JD Vance in interviews the past week, which could help with the message. As for the money, Beshear has built bonds with national donors. 

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Stocks

S&P 500 Equal Weight ETF Gains Strength

The S&P 500 Index is a capitalization weighted stock index. Many of the lesser capitalization blue-chip stocks that compose these 500 companies have been performance laggards. Though smaller companies in the index, these corporations are among the bluest of the blue-chip stocks. These prestigious corporations have been overshadowed by the immense mega-capitalization companies that have been receiving attention from institutional and individual investors. For the most part, these other and forgotten stocks have better valuations and dividend yields as they have been somewhat neglected by Wall Street.

The equal weighted S&P 500 Index ETF (RSP) provides a perspective that highlights these smaller blue-chip stocks in the index. Does this equal weighted index reveal a market story obscured by the mega-cap dominated S&P 500 Index ($SPX)?

S&P 500 Equal Weight ETF (RSP), Point & Figure Chart Study

S&P 500 Equal Weighted ETF (RSP) PnF Chart Notes:

In ’22 an Accumulation Structure began to form.Markup began in ’23 and still continues.Three Horizontal PnF counts are estimated here.Two partial counts confirm each other in the $186 price zone.The entire width of the structure counts to $260.

NASDAQ 100 Index ($NDX) with Relative Strength to the S&P 500 Equal Weight ETF (RSP)

This daily chart of the NASDAQ 100 Index ($NDX) illustrates the start and end of the second quarter rally. A final ThrowOver of the channel line clocks in just as the quarter is ending and the third quarter is beginning. A sudden and sharp reversal is evidence of the rotation away from this Mega-Cap dominated index and into the broad list of blue chip stocks in the S&P 500 Equal Weighted Index. The Relative Strength line clearly reveals the shift.

Broad market rotations can destabilize markets as funds flow away from prior leadership toward new investment themes. Watch for emerging leadership from industry groups and stocks while markets are generally correcting. Point & Figure horizontal counts can help greatly with price projection estimates. But we must keep in mind that PnF cannot estimate the time needed to reach potential price objectives.

All the Best,

Bruce

@rdwyckoff

Prior Blog Notes: At the end of June, I published a NASDAQ 100 PnF chart study as it was reaching price objectives. The price of the objective range was 19,600 / 20,800. On July 10th the $NDX peaked at 20,690.97, just as the new quarter was beginning. (click here to view the chart study). 

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. 

Wyckoff Resources:

Additional Wyckoff Resources (Click Here)

Wyckoff Market Discussion (Click Here)

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Business

The first Fed interest rate cut in years is on the horizon. Here’s what you need to know.

The Federal Reserve is poised to make the first interest rate cut in years this fall, which can influence mortgage rates to go down.

Even small cuts in rates could make a meaningful difference in what a homebuyer will pay. To that point, people in the market to buy a home have been eagerly waiting for the central bank to cut rates.

The Fed is meeting this week, but experts say it seems more likely the first rate cut will come in September. That would be the first rate cut since 2020 at the onset of the Covid-19 pandemic.

While there is a less than 6% chance of a rate cut in the upcoming Federal Open Market Committee meeting, according to the CME’s FedWatch measure of futures market pricing, there is a much greater likelihood of quarter-point reductions in September, November and December.

That along with further cuts in 2025 would bring the the Fed’s benchmark fed funds rate to below 4% by the end of next year, according to some experts.

While mortgage rates are fixed and mostly tied to Treasury yields and the economy, they are partly influenced by the Fed’s policy. Home loan rates have already started to come down, in part induced by a Fed slowdown.

Here’s what homeowners and buyers need to know.

The first rate cut is almost entirely priced into financial markets already, especially bond markets, said Chen Zhao, the economic research lead at Redfin, an online real estate brokerage firm. In other words, mortgage rates aren’t going to change much once the Fed actually begins to cut back, she said.

“A lot of these rate cuts are already priced in,” she said.

The 30-year fixed rate mortgage declined to 6.78% on July 25, down from 7.22% on May 2, according to Freddie Mac data via the Fed.

“Refinancings are starting to tick up, it’s not a huge wave yet, but they are starting to pick up a little bit as rates start coming down,” Zhao said.

Refinance activity on existing home loans was up 15% from the previous week, reaching the highest level since August 2022, according to the Mortgage Bankers Association. It was 37% higher than a year ago, MBA found.

Whether homeowners should refinance depends in part on their existing rate, said Selma Hepp, chief economist at CoreLogic.

“There are people that originated when mortgages peaked at 8% in the fall of last year,” Hepp said. For those buyers, “there is some opportunity there.”

To be “in the money,” or when it makes sense to refinance, homeowners need to see a notable drop in mortgage rates in order to benefit, experts say. The prevailing rate should be at least 50 basis points below your current rate. A basis point is one-hundredth of a percentage point.

While that can be a good strategy, it’s not a “hard and fast rule,” said Jacob Channel, senior economist at LendingTree.

Timing the refinance of your home will depend on factors like your monthly mortgage payment and if you can pay closing costs, he said: “There’s a lot of variability.” (When you refinance a mortgage, you are likely to incur closing costs, as well as an appraisal and title insurance; and the total price tag will depend on your area.)

“The saving has to outweigh your upfront costs,” Zhao explained.

Even if your existing mortgage has a high rate, you might want to consider waiting until the central bank is further along in its cuts, with the expectation that rates are to steadily decline throughout the year and into 2025, Zhao said.

If you are thinking about it, reach out to lenders and see if refinancing now or in the near future makes the most sense for you, Channel said.

While lower rates can come as a relief for cost-constrained homebuyers, the real effects of lower borrowing costs are still up in the air, according to Zhao.

For instance: If borrowing costs for home loans come down, there’s a chance more buyers will jump in the market. And if demand outpaces supply, prices might go up even more, she said. It can “offset the relief you get from mortgage rates.”

But what exactly will happen in the housing market “is up in the air” depending on how much mortgage rates decline in the latter half of the year and the level of supply, Channel said.

“Timing the market is basically impossible,” Channel said. “If you’re always waiting for perfect market conditions, you’re going to be waiting forever. Buy now only if it’s a good idea for you.”

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Sports

Yes, this photo is real. See the magical Olympics moment behind it.

A perfect 10 eluded Brazilian surfer Gabriel Medina Monday at the Paris Olympics. But he, his surfboard and a photographer produced something no less extraordinary.

Medina and his surfboard appeared to be levitating a few feet above the ocean water in a celebratory moment during the the round of 16 competition in Teahupo’o, Tahiti.

Later, Medina expressed some disappointment that the judges awarded him a 9.90 rather than a perfect 10 for his best wave of the day.

“I felt like it was a 10,’’ Medina, a three-time world champion, said after winning his heat and advancing to the quarterfinals. “I’ve done a few 10s before and I was like, ‘For sure that’s a 10’. The wave was so perfect.” 

But there was no need to consult the judges about the picture-perfect moment of celebration.

2024 Olympic medals: Who is leading the medal count? Follow along as we track the medals for every sport.

The photo, taken by Jerome Brouillet, captured the beauty of one of the world’s best but also most dangerous surf spots that resulted in one competitor needing stitches on Saturday.

Brouillet, who works for Agence France-Presse, took the photo from a boat nearby the action.

“So he [Medina] is at the back of the wave and I can’t see him and then he pops up and I took four pictures and one of them was this one,” Brouillet told the Guardian. “It was not hard to take the picture. It was more about anticipating the moment and where Gabriel will kick off the wave.”

Tuesday’s men’s and women’s competitions were postponed by officials due to the conditions.

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