Alternative Investing Report - August 18, 2025

*as of 8/17; Sources: S&P, BTC, FTSE, DJRE, GOLD

The average 30-year fixed mortgage rate dropped to 6.58% according to Freddie Mac, the lowest level since last October. But the rate is still slightly higher than the 6.49% metric one year ago. A weak jobs report has made it likely that the Fed will cut interest rates next month, and the mortgage market has already priced that in.

➨ TAKEAWAY: This could be a welcome development for the housing market as inventory continues to grow and is up 22.1% year-over-year. Lower mortgage rates should lead to greater buying activity to match the increasing selling activity. For those buyers who are hoping rates will fall further, keep in mind that even if the Fed does make a cut in September, it may not lead to a further reduction in mortgage rates, unless they give an indication that future additional cuts are imminent.

Vincent co-founder Slava Rubin and Sacra's Jan-Erik Asplund discussed the design startup Figma's recent IPO, its competitive landscape and financial metrics, core products, growth potential and risks associated with its valuation. A must-watch for anyone interested in the business and how AI is transforming the software landscape.

🪙 Gemini files for IPO: The crypto exchange led by the Winklevoss twins filed its S-1, another step towards a public offering, showing a net loss of $282.5 million on $67.9 million in revenue in the first half of 2025. Still, the company is hoping to replicate fellow exchange Bullish’s successful IPO last week when it goes public.

📊 Retail sales rise: U.S. retail sales rose by 0.5% in July, slightly down from the 0.9% growth in June, but in line with expectations, as Americans continue to spend despite lukewarm sentiment.

🎨 Bob Ross records: A painting by the famed PBS artist sold for $114,800 at Bonhams, more than double the high estimate, setting a new record for any artwork by Ross, just three weeks after the previous record of $55,000 had been set.

🚀 Biotech IPOs declining: Only 16 biotech startups have gone public on the NYSE or Nasdaq this year, which puts 2025 on pace for the lowest number since before the pandemic, though the size of the average IPO has increased.

🏢 Florida rents falling: Asking rents in many Florida markets have fallen by 2-8% year-over-year, with Naples seeing the biggest decrease, and Jacksonville and Orlando falling the most for big markets.

💵 PE in 401(k)s: After last week’s executive order, the Trump administration is moving quickly to meet a number of February 2026 deadlines to pave the way for private equity investments to be eligible for inclusion in 401(k) retirement plans.

Monday: Homebuilder confidence index report released.

Tuesday: Housing start and building permit numbers released.

Thursday: Existing home sales data released; The Jackson Hole Economic Policy Symposium begins, with Fed Chair Jerome Powell expected to speak on Friday.

Saturday: Heritage’s Summer Platinum Night Sports auction, featuring a Michael Jordan/Kobe Bryant Dual Logoman 1/1 card already past $6 million in bidding; The NCAA Division 1 College Football season begins with a game in Dublin, Ireland, between Kansas State and Iowa State.

Sunday: The U.S. Open Tennis Championships begin in Flushing, New York.