Compliments of
Alan Van Zee
President | NMLS #: 297154
Hawaii Mortgage Company, Inc.
Company NMLS #: 232582
Alan Van Zee is one of the top producing Mortgage Originators in the state, originating over $2,000,000,000 to date. He has written and published this weekly newsletter for the past 18 years. It is the most widely read mortgage, real estate, and finance publication in Hawaii.
Hawaii Mortgage Company, now in our 26th year of providing mortgages to the people of Hawaii, is proud to have a complaint-free history. We make sure our clients are happy!
News and Insight
For the Weekend of July 11th, 2026
Hawaii’s Most Read Mortgage, Real Estate, and Finance Publication for 18 Years
Volume 18 – Issue 40
Surfing USA
When I think of hitting the surf, the last spot on my list is Draper, Utah. Yet, Draper has just been announced as the training center for the 2028 US Olympic Surfing Team. That’s right, a site 4,500 feet above sea level and at the foot of the Wasatch mountains will be the home to the US Surfing Team. But it didn’t have to be. Sadly, this is another story of Hawaii kicking its own self in the ass.
Why did the Olympic committee choose a high desert location over the home of the world’s best waves? Consistency. A giant artificial wave pool and facility is currently being built in Draper. The wave pool can generate custom designed wave shapes, speeds, and angles to mimic most any surf break in the world. That, along with being at the mercy of mother nature to generate surf, makes a wave pool far superior for day-in, day-out training than any natural surf break.
A member of a legendary Hawaii surfing family, Brian Keaulana, who is also active in Hawaii’s film industry, had a dream to open a wave riding academy that would double as a movie set for water scenes. There was a vocal, local presence that thought opening a wave riding center just two miles from the ocean was stupid. Their concern was over the use of just under 7-million gallons of water and the customary concern over iwi-kupuna. They pushed the matter to court, which ruled that Keaulana’s project needed a new and costly environmental impact assessment. The State, which owns the land, promptly cancelled the lease agreement. The project died two years ago.
I was speaking with a friend recently about surfing and remembered something Fred Hemmings, one of Hawaii’s great watermen, told me. He said “There are rideable waves all over this earth. People have lived for hundreds of thousands of years at the ocean’s edge. Yet the Hawaiians were the ONLY culture that looked out at the surf and decided it would be fun to get on a board and try and ride the waves.” Surfing is truly Hawaii’s gift to the world (not chocolate covered macadamia nuts).
Keaulana’s project would have created good paying jobs and been a destination for surf tourists from around the world. The US Olympic Committee isn’t using the Utah site for free either. They will have coaches and staff permanently at the Utah facility, as it can operate year-round.
I recently wrote about industries Hawaii needs to promote in order to provide good paying jobs to its citizens for us to be able to afford the high cost of living here. Keaulana’s wave park is a great example of utilizing something unique about Hawaii that can generate those kinds of jobs.
If you follow any of the local news on a regular basis, you’ll see story after story of another development project being rejected by the community for cultural reasons. The question is not “do we protect the Hawaiian culture or ancestral bones?” The question is “at what cost?” I’ll ask the easy question to those opposing development “what do we do instead?” These groups are always the first to demand more support from the government. Here’s a news flash. Any money the government hands out comes from us, the taxpayers. It’s not some magical pot of money we elect people to dish out from.
If attitudes don’t change in our island home, our economic future will grow darker. You can’t have a successful economic society comprised of just government, military spending, and tourism. And if you do follow the local news, you’ll also see our government initiating new programs and spending more. Where is all that money going to come from?
Enjoy your weekend. Hit the surf if you can. But realize in the eyes of Olympics, Draper Utah is now the home to surfing in the USA.
And now the week’s economic news…….
Home Sales Slip
Mortgage markets remained sensitive to fluctuations in energy prices this week, with headlines surrounding the conflict in the Middle East contributing to periods of volatility. The major economic data revealed no significant surprises, and mortgage rates ended the week slightly higher.
In June, sales of previously owned homes fell 2% from May but still were up 3% from a year ago. The median price of $440,600 was up 2% from last year to a record high. Inventories remain at a 4.6-month supply nationally. However, inventories were a bit higher than a year ago, offering buyers more options.
Two significant economic reports from the Institute of Supply Management were in line with expectations for slight declines from last month's strong results. The ISM national services sector index fell to 54.0, while the ISM national manufacturing sector index dropped to 53.3. Readings above 50 indicate an expansion in the sectors. While tariff policies have been uncertain since the Supreme Court decision in February, higher tariffs implemented last year may be helping domestic manufacturers narrow the performance gap with service firms over the last few years.
The first Fed meeting led by new Chair Warsh took place on June 17, and as usual the detailed minutes were released three weeks later. The minutes highlighted a broad range of opinions among policymakers regarding the inflation outlook. Ongoing uncertainty surrounding oil prices and tariff policy continues to make forecasting more challenging, leaving Fed officials nearly evenly split on whether the next move in the federal funds rate is more likely to be a cut or a hike. As a result, future Fed monetary policy decisions will remain highly dependent on incoming economic data, providing investors with limited forward guidance.
Next Week
Looking ahead, attention will remain fixed on the conflict in the Middle East and the proposed deal to ease tensions. Investors also will monitor comments from Fed officials about future monetary policy. For economic reports, the Consumer Price Index (CPI), a widely followed monthly inflation indicator that looks at the price changes for a broad range of goods and services, will be released on Tuesday. The Producer Price Index (PPI), another monthly inflation indicator, will come out on Wednesday. Retail Sales will be released on Thursday. Since consumer spending accounts for over two-thirds of U.S. economic activity, the retail sales data is a key measure of the health of the economy. Housing Starts and Import Prices will come out on Friday.
Until next week….
*** Please note that Freddie Mac publishes their weekly rate report on Wednesday mornings from data received Monday and Tuesday.
The graph above is intended to shown rate trends, and not “today’s current rate”. ***
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