It was another rough day for the bond market and, thus, for interest rates. Investors aggressively sold bonds in the first 2 hours of trading, taking 10yr Treasury yields to the highest level in more than a year. Mortgage-specific bonds have been doing better versus Treasuries in recent months thanks to increased purchase demand from Fannie Mae and Freddie Mac. All else equal, higher demand for mortgage bonds = lower rates, relatively. In the current case, it means mortgage rates haven’t moved up as much as Treasury yields over the past 6 months. That said, rates have still definitely moved higher. Today’s top tier 30yr fixed rate is up to 6.75% for the average lender–the highest since July 2025, and a whopping 0.75% higher since before the Iran war began. This makes it the fastest rate spike seen since late 2024. [thirtyyearmortgagerates]
State of California Secures 20K-SF Office at 1180 Avenue of the Americas
The State of California has leased 20,000 square feet of office space at 1180 Avenue of the Americas, Commercial Observer has learned. The deal appears to mark a relocation of the California Franchise Tax Board’s Manhattan field office. The tenant previously occupied an office at the nearby 1212 Avenue of the Americas, according to broker…
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