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Illustration: Aïda Amer/Axios

The housing market continued to slow as mortgage applications fell 10.1% from last week, according to data from the Mortgage Bankers Association’s (MBA) weekly survey.

Why it matters: The MBA survey released this morning follows weak numbers from the Case-Shiller 20-city home price index, which rose just 2% month-over-month in July and did not rise at all on a monthly basis after seasonal adjustments.

  • This represents the slowest rate of home price appreciation since 2012.

The intrigue: Despite a fall in U.S. Treasury yields and the Fed cutting overnight interest rates last week, the average U.S. 30-year mortgage rate ticked up above 4%, MBA's data showed.

  • "[D]espite falling yields, mortgage rates ticked up again and have risen 20 basis points over the past two weeks,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
  • “The increase in rates led to fewer refinances, and activity has now dropped 17 percent over the last two weeks.”

Go deeper: Millennials are relandscaping the housing market

Go deeper

Updated 39 mins ago - Sports

Olympics dashboard

🚨: China wins 1st gold of Tokyo Olympics

📺: The Olympic events to watch today

🎾: Athlete spotlight - Naomi Osaka looks to snag gold on home soil

👻: How the no-spectator Olympics could affect the athletes

🇺🇸: "What an honor it is to watch you soar," first lady tells U.S. Olympians

🥇: The six new sports at Tokyo 2020

💉 About 100 U.S. Olympic athletes are unvaccinated

Go deeper: Full Axios coverage

58 mins ago - Sports

China wins 1st gold of Tokyo Olympics

Silver medalist Anastasiia Galashina of Russia, gold medalist Yang Qian of China and bronze medalist Nina Christen of Switzerland celebrate on the podium after the 10m air rifle women's final. Photo:

China's Yang Qian won the first gold of the Tokyo Olympics, narrowly beating Anastasiia Galashina of the Russian Olympic Committee in the women's 10-meter air rifle final.

Why it matters: The first medal ceremony of the Games took on extra meaning after a year-long delay and other hurdles brought on by the pandemic. Athletes are required to hang medals around their own necks in an effort to prevent the spread of the coronavirus.

Journalism's two Americas

Illustration: Shoshana Gordon/Axios

There's a sharp divide in American journalism between haves and have-nots. While national journalists covering tech and politics on the coasts reap the benefits of booming businesses and book deals, local media organizations, primarily newspapers, continue to shrink.

Why it matters: The disparate fortunes skew what gets covered, elevating big national political stories at the expense of local, community-focused news.