CBS News
China sweeps diving gold medals at Paris Olympics, edging out the U.S. for the top spot
Cao Yuan defended his title in the men’s 10-meter platform on Saturday and gave his nation an unprecedented sweep of the diving gold medals at the Paris Olympics.
The Big Red Machine won all eight golds handed out at the Olympic Aquatics Centre, most of them with dominating victories.
That wasn’t the case in the final diving event of the Games. With teammate Yang Hao having an uncharacteristically poor day and Rikuto Tamai of Japan keeping the pressure on until a botched dive in the next-to-last round, the burden of completing the Chinese sweep fell entirely on Cao’s slender shoulders.
He was up to the task.
The 29-year-old Cao essentially locked up the gold with big scores on his toughest dive of the competition, a forward 4 1/2 somersaults in the fifth of six rounds. He finished with 547.50 points to become the first male diver since Greg Louganis in 1988 to win a second straight gold off the big tower.
“I believe in myself,” Cao said through an interpreter. “I am very, very confident.”
Cao now has four golds in his career, tying Louganis for the most ever by a male Olympic diver. The Chinese star also won the springboard at Rio de Janeiro in 2016 and a 10-meter synchro gold at London in 2012.
In an appropriate twist, Louganis was on hand to open the competition by pounding a tall, wooden staff three times on the deck – the ritual known as “les trois coups” that ties the Olympics to Paris’ theatrical heritage.
Cao said it was an honor to be mentioned alongside diving greats such as Louganis and Wu Minxia, the Chinese women’s star who won five golds over four straight Olympics from 2004-16.
/ Getty Images
“I appreciate my efforts and my training,” Cao said. “I’m very proud of this.”
Tamai bounced back on his final dive to lock up the silver with 507.65 – the first diving medal ever for Japan. The bronze went to Noah Williams of Britain at 497.35.
“Of course, I was nervous,” Tamai said. “The next Games, I want to get the gold.”
Cao and Yang were 1-2 in the morning semifinals, and the latter already had captured a gold at these Games when he teamed with Lian Junjie to win the platform synchro title.
But Yang totally fell apart after a big splash in the second round and finished last in the 12-man final. So it was left to Cao to ensure China became the first nation to claim every gold since the diving program was expanded from four to eight events at the 2000 Sydney Olympics.
Three times China has won seven of eight golds, including at the last two Summer Games, but never all eight.
Until now.
“If you ask anybody, they know China is the best,” Williams said. “To finally get a clean sweep and win eight gold medals, in my eyes, that’s what they deserve at every Olympics.”
The last sweep of any kind was the United States taking all four golds at Helsinki in 1952.
Tamai actually grabbed a slim lead over Cao with his second dive – only the second time in the entire meet that a China diver or synchro team was not atop the leaderboard at the end of a round.
Cao edged back ahead in the third round and was still on top by a mere 2.75 points after the fourth set of dives. But Tamai badly over-rotated his next dive – actually one of his easiest in a very tough list – and a big splatter of water shot up from the pool as he disappeared under the surface.
A groan went up from the crowd. Tamai’s gold medal hopes were essentially over after he received marks of ranging from 3.5 to 4.0.
The U.S. once dominated the diving events, but China began its rise to prominence with its first gold in 1984 at Los Angeles. Beginning in 2000, the Asian powerhouse has captured an astonishing 46 of 56 gold medals in diving.
STEFAN WERMUTH/POOL/AFP via Getty Images
With teams limited to two divers in the individual events, China claimed gold and silver in women’s platform and men’s springboard. Before Yang’s dismal performance, the only slipup, so to speak, was Chang Yani settling for a bronze behind Maddison Keeney of Australia in women’s springboard.
China finished with 11 medals overall, one shy of its record-tying total at the Tokyo Games. The only other nation to win a dozen diving medals at a single Games was the U.S. in 1932, when American athletes made up the bulk of the field and swept the podium in all four events at Los Angeles.
The Americans finished these Games with only a single medal, a silver won by Sarah Bacon and Kassidy Cook in women’s synchronized 3-meter. It was their worst Olympic performance since they were shut out of the medals at the 2008 Beijing Games.
Over the last three Olympics, the U.S. claimed a total of 10 medals.
Watch CBS News
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
Getty Images
Even though mortgage interest rates surged in recent years, they did little to drop home values. Instead, home prices have remained steady and even grown in many parts of the country. Now, with a major cut to the federal funds rate already issued and additional ones possible for the months ahead, prices could rise again as sellers try to take advantage of a wider pool of buyers. Homes that had been priced in the $700,000 range, for example, could now be around $800,000 or $850,000. And homes priced at $1 million or more are already growing.
Understanding this reality, then, buyers should start preparing for higher home prices now. One of the best ways to do so is by calculating the potential monthly costs of a mortgage loan. Below, we’ll detail what an $850,000 mortgage will cost per month – and what it could look like if interest rates decline as anticipated.
See what mortgage interest rate you could lock in here now.
How much will a $850,000 mortgage cost per month?
The average mortgage rate on a 30-year mortgage dropped to 6.15% this week, the lowest it’s been in two years (September 2022). But with rate cuts possible for November and when the Fed meets again in December that rate could fall again before the year ends – assuming lenders don’t start pricing in a series of presumed rate cuts to come.
Here’s what an $850,000 mortgage loan would cost per month at the rate available today, assuming the conventional 20% down payment ($170,000), minus any taxes or insurance costs:
- 30-year mortgage at 6.15%: $4,142.75 per month
- 15-year mortgage at 5.65%: $5,610.44 per month
While today’s mortgage rates aren’t likely to fall directly in tandem with the federal funds rate, a half a percentage point reduction seems possible now following the Fed’s moves this week. Here’s what those payments could fall to assuming a half a percentage point reduction between now and January.
- 30-year mortgage at 5.65%: $3,925.20 per month
- 15-year mortgage at 5.15%: $5,430.68 per month
It’s important to remember, however, that mortgage interest rates change daily (except for weekends and holidays). And in today’s evolving rate climate, these rates could fall even further than many anticipate, thus making an $850,000 mortgage loan even more affordable. So keep an eye on the market and be prepared to lock in a low rate when found.
Start shopping for rates and lenders here now.
Other factors to account for
While the above numbers reflect what buyers can expect to pay for an $850,000 mortgage now (and after a rate reduction of half a percentage point), they’re not the only factor that should be added in when trying to pinpoint your exact monthly mortgage payment. Specifically, don’t forget:
- Homeowners insurance: The bank will want their loan protected and you’ll want to be insured against theft, damage and injuries. Start shopping around now to find the best deal and consider “bundling” any policy with your car insurance to reduce costs.
- Flood insurance: Depending on where your home is located, the lender may require flood insurance proof before signing off on the loan. So be sure to ask if the home is located in a flood zone and ask if you can assume the existing policy, if applicable.
- Taxes: Taxes could be paid annually or you can have them divided among your monthly mortgage payments but this could be a significant amount of money to account for so be sure to determine the exact cost before closing, and, ideally, before making a formal offer.
- Private mortgage insurance: Don’t have enough money to make the conventional 20% down payment? Then you’ll have to pay private mortgage insurance, or PMI, to your lender until you’ve reached that equity threshold.
The bottom line
The Fed’s rate cuts could make the monthly payments on an $850,000 mortgage a lot more affordable, but navigating the current real estate market still requires careful consideration of a range of factors. As interest rates fluctuate and home prices adjust, the market could shift, and potential buyers may want to stay informed about trends but also thoroughly calculate all associated costs during the process. That way, they can make more confident decisions about their path to homeownership.
Getty Images
The mortgage rate landscape is undergoing a rapid transformation now that inflation is cooling. For starters, there has been a notable drop in mortgage rates over the past few weeks, with rates hitting a two-year low on Wednesday. This shift has already begun to stir excitement, as more affordable borrowing costs open doors for those previously priced out of homeownership.
The Federal Reserve also conducted its first rate cut since 2020 (September 18), reducing the federal funds rate by an unexpected 50 basis points. Most analysts expected the Fed rate cut to be just 25 basis points, making this decision larger and more impactful than anticipated.
This move is expected to put additional downward pressure on interest rates across the board, including mortgages, and may present an opportunity for borrowers to lock in more favorable rates. But how exactly will this substantial Fed rate cut impact mortgages? Below, we’ll break down what you should know.
See how low of a mortgage rate you could lock in here today.
Here’s how the Fed’s big rate cut affects mortgages
The Federal Reserve’s decision to implement a 50 basis point rate cut has injected a new layer of complexity into the mortgage market. While the impact of a standard 25 basis point reduction has likely been factored into current mortgage rates, which are sitting at an average of 6.15%, it’s unclear exactly how mortgage rates will respond to this larger rate cut.
One outcome could be that the larger rate cut will cause mortgage rates to fall even further in the coming days and weeks, building on the recent trend of declining rates. This could create a more favorable environment for borrowers, with the possibility of mortgage rates dipping to levels not seen in years.
However, it’s crucial to understand that the Federal Reserve’s actions, while significant, are not the sole factor influencing mortgage rates. The mortgage market is a complex ecosystem affected by various economic indicators. Long-term bonds, particularly the 10-year Treasury yield, also play a pivotal role in determining mortgage rates. So while the Fed’s rate cut will likely push these yields lower, other factors can also sway bond yields and, consequently, mortgage rates.
The mortgage industry itself may also play a role in tempering any dramatic rate drops. For example, lenders might be hesitant to lower rates too quickly or too far as they balance their desire to attract borrowers with the need to maintain profitability. This could result in a more gradual decline in mortgage rates rather than an immediate, sharp drop.
For potential homebuyers or those considering refinancing, the Fed’s larger-than-expected rate cut presents both opportunities and potential challenges. On one hand, the prospect of lower mortgage rates is certainly appealing. Lower rates translate to more affordable monthly payments and increased buying power, potentially allowing borrowers to qualify for larger loans or more desirable properties.
The allure of lower rates could also bring its own set of complications, however. If mortgage rates decline even further, it’s likely to attract more buyers to the market. This increased demand could lead to heightened competition for available properties, potentially driving up home prices and offsetting some of the benefits of lower interest rates.
Those waiting for rates to bottom out before making a move may also find themselves in a precarious position. Timing the market is notoriously difficult, and there’s a risk that rates could begin to rise again before you can act. After all, economic conditions can shift rapidly, which could reverse the current downward trend in rates.
Lenders are also more likely to see an uptick in inquiries and applications in the wake of the Fed’s decision. This increased volume could lead to longer processing times and potentially stricter underwriting standards, so borrowers should be prepared for this possibility and consider getting pre-approved or starting the application process early.
Find out how low your mortgage loan rate could be now.
The bottom line
The Federal Reserve’s unexpected 50 basis point rate cut will likely have a noticeable effect on the mortgage market, but its exact impact remains uncertain. While lower rates may materialize in the short term, a range of factors will influence how mortgage rates move in the future. So, homebuyers and homeowners who plan to refinance should carefully consider their options, recognizing that waiting for the perfect moment could be risky in an unpredictable market. Securing a favorable rate now may be the best course of action instead, especially with rates already at a two-year low.