One popular refrain in the mortgage industry is that rates take the escalator on the way up and the stairs on the way down. Yesterday was definitely an “escalator” sort of day with the average lender moving up 0.12% for a top-tier 30yr fixed rate. Based on improvement in the bond market, rates are lower today, but just barely. It’s not so much that rates are taking the stairs down, but more like they’re a small child, waiting at the top of the staircase–afraid to take that first step. Some lenders are not even lower compared to yesterday’s levels. Others are only modestly better. The absence of better improvement is at least partly attributable to the slower movement in the underlying bond market. Specifically, today’s bond rally (good for rates) is less than one third the size of yesterday’s sell-off (bad for rates).
Manhattan’s Tech Sector Notched a Record Number of Lease Deals in 2025
Manhattan’s technology sector in 2025 increased its office footprint by 6.54 million square feet, according to a new office leasing report from Colliers. The year was second only to 2019 in terms of new square footage, but its count of 235 lease deals shattered a 2019 record by 80 transactions. “There were more transactions in…
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