Mortgage rates are based on movement in the bond market and although bonds experienced some volatility in response to Iran war news over the weekend, they ended up in similar territory to Friday morning. As such, it’s no surprise to see mortgage rates in similar territory as well. The average lender began the day 0.02% higher than Friday, but bonds improved during the day and some mortgage lenders were able to make small downward adjustments mid-day. This keep the average top-tier 30yr fixed rate just below 6.40% for the third straight day. From 5.99% in late February, rates spiked as high as 6.64% on March 27th. They’ve fallen noticeably but moderately since then, but the recent trajectory has been flattening out as the market waits to see how de-escalation may play out.
Penn Station Becoming the Center of Manhattan’s Office Universe
A new report from Cushman & Wakefield shows that almost a quarter of Manhattan office relocations in 2023, 2024 and 2025 ended up in the Pennsylvania Station submarket, and that most tenants relocated while expanding their space. The report indicates that “between 2023 and 2025, more than 3.5 million square feet of relocations flowed into…
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