Mortgage rates got a little boost today thanks to an apparent peace deal between the U.S. and Iran.
However, the 30-year fixed remains well above the average seen before the war began a few months ago.
At last glance, it was still priced about 5/8 higher than where it stood at the very end of February.
This tells me investors are cautious about a possible accord.
And that peace deal or no peace deal, it will take time for mortgage rates to sink back to those lows.
If You’re Waiting for Lower Mortgage Rates You Need to Be Patient
Those hoping for an immediate return to sub-6% mortgage rates might need to be patient.
While it’s certainly encouraging to hear that a peace deal is in the works, there are still a lot of question marks.
And there’s always the possibility that something erupts that puts it all into question again.
As such, bond traders and investors of mortgage-backed securities (MBS) seem to be overly cautious.
It might explain why the 10-year bond yield remains closer to 4.50% instead of sub-4% as it was back in February.
What that means for home buyers and homeowners looking to refinance is that mortgage rates will stay elevated all else equal.
We had a 30-year fixed mortgage rate below 6% prior to the war. But now we’re facing rates above 6.5% for the most part.
You can call it the war premium, or perhaps tie it to higher inflation concerns related to the spike in oil prices.
Whatever the case, it’s going to take time for mortgage rates to get back to those low levels.
Even if the oil starts flowing again and the ships start moving, the damage is already done.
There’s also the thought that a premium will remain in place regardless on concerns that things could unravel or ratchet up again.
In other words, mortgage rates might just remain an eighth to a quarter higher on these risks that we didn’t have a few months ago.
So if the peace deal is for real and it holds, we might get mortgage rates back to the low-6s, but not quite where they were before this whole thing got going.
Are Mortgage Rates Higher for Other Reasons Too?
There’s also the thought that interest rates aren’t just higher because of the war with Iran.
We’ve had a really strong stock market rally driven by a frenzy in tech stocks this year.
Namely, semiconductors and anything to do with artificial intelligence (AI).
The sky-high valuations might be adding to fears of a bubble and the need for rate hikes instead of cuts to cool things down.
If that’s the case, Fed rate expectations can certainly put upward pressure on mortgage rates as well.
So even if the war piece is figured out, we could still have issues that keep mortgage rates elevated for the remainder of the year.
Long story short, it might mean that a sub-6% 30-year fixed continues to be elusive.
And possibly something we won’t see in 2026.
In fact, the only way we might see it is if there’s an economic downturn such as a recession, which clearly nobody wants to save a few bucks on their mortgage.
Read on: Try out my new mortgage rate calculator to quickly compare monthly payments.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 20 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.
Online investment marketplace Republic listed an offering for a digital representation of SpaceX shares via the platform’s “Mirror Tokens,” or rSPAX, which is a tokenized Contingent Payout Note. The offering had a funding cap of $8 million.
The successful initial public offering (IPO) of SpaceX (NASDAQ:SPCX) should provide an exit opportunity for investors in the vehicle as a Qualified Liquidity Event.
Initially, Republic sought to open the offering to retail investors in the US, but apparently, outside pressure compelled the platform to provide the offering only to Accredited Investors and non-Accredited Investors outside the US. The stated valuation of SpaceX, according to the offering page, was stated at $1.35 to $1.4 trillion. The offering page outlines when investors may be paid: “at the 10-year maturity or at a qualifying event for SpaceX– like an acquisition, IPO, or company dissolution.”
While rSPAX investors may receive a good outcome on the investment, the partnership between Bitget and Republic on IPO Prime, which aimed to support a pre-IPO tokenized offering, was disappointing. The offering, which reportedly generated over $177 million in investor interest, failed when the project was unable to acquire shares.
While some in the online capital formation sector criticized Republic’s attempt to offer exposure to SpaceX prior to the IPO, the initiative highlights the discrimination that federal rules currently impose on smaller investors compared with those with larger bank accounts.
Have a crowdfunding offering you’d like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!
What every passive real estate investor needs to understand before they’re in this moment.
You invested passively in a real estate deal. You did your diligence on the sponsor. You signed the documents, wired the capital, and started receiving distributions. Everything was going according to plan.
Then you got an email.
Subject line: “Important Update on Your Investment.”
It wasn’t a distribution notice. It was a capital call. The sponsor needed additional capital from investors to keep the deal moving forward.
If you’ve been investing in real estate syndications for any length of time, you’ve either already received one of these or you will. And the investors who handle them well are the ones who understood what they were before they found themselves in the middle of one.
This post covers what capital calls actually are, why this market cycle has produced so many of them, what your real options are, and how to evaluate what you’re being asked to do before you make a decision.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial, legal, or investment advice. Any investment involves risk, and you should consult your financial advisor, attorney, or CPA before making any investment decisions. Past performance is not indicative of future results. The author and associated entities disclaim any liability for loss incurred as a result of the use of this material or its content.
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PIMDCON, the #1 Real Estate & Entrepreneurship Conference for Physicians, works because of what happens between the sessions.
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What a Capital Call Actually Is
A capital call is a request from a sponsor for additional investment capital beyond what you originally committed. It is not a margin call. It doesn’t mean the deal is automatically in trouble.
Here’s something that often gets missed in these conversations: a capital call is almost always the last thing a sponsor wants to send.
Think about it from their side. They raised money from investors who trusted them with that capital. Sending a capital call means going back to those same people and saying, we need more. No operator does that lightly. By the time that email goes out, they’ve typically already looked at every other option, stress-tested the numbers, and talked to their lenders. This is where they landed.
That doesn’t mean every capital call represents good news. But it usually means the sponsor is fighting for the deal rather than walking away from it. That context matters when you’re deciding how to respond.
Why You’re Seeing More of These Right Now
If it feels like capital calls have become more common over the last two to three years, that’s because they have. And there’s a specific reason for it.
The Federal Reserve raised interest rates 525 basis points between March 2022 and July 2023. That is the fastest tightening cycle in roughly 40 years. Many real estate deals underwritten in 2020 and 2021 were built around a very different rate environment. Low rates, abundant debt, strong rent growth. That environment is gone, and the deals that were structured around it are feeling the pressure.
A few specific dynamics are driving the capital calls you’re seeing today:
Floating rate bridge loans
A lot of value-add multifamily deals were financed with short-term floating rate debt. The business plan was to renovate, stabilize, and refinance into long-term fixed debt within two to three years. When rates rose and values softened, that refinance either became impossible or required significant additional equity to close the gap. Deals that looked fine at origination ran into a wall they didn’t see coming.
Rate cap expirations
When sponsors took out floating rate debt, lenders required them to purchase interest rate caps to limit exposure. Those caps are expiring now, two to three years later. Renewing them at today’s rates costs significantly more than the original caps did. That’s a real cash need that wasn’t in the original budget.
Rising operating costs
Property insurance premiums have increased substantially in many markets, particularly in the South and Southeast. Labor and materials costs for renovations came in higher than projected. These aren’t excuses. They’re real line items that moved against deals that had little margin to absorb them.
Rent growth stalled
In many markets, the strong rent growth that operators underwrote to support their projections slowed or reversed as new supply came online. That affected cash flow and made refinancing at favorable terms harder to execute.
None of this is unique to one sponsor or one market. This is a cycle-wide pressure that has stressed deals across the industry. Many sponsors who are sending capital calls today are not bad operators. They are operators who made reasonable assumptions in 2020 and 2021 that the rate environment made untenable. The ones handling it well are the ones communicating clearly, coming to investors with a plan, and standing behind their commitments.
That context doesn’t mean you write a check automatically. It means you evaluate the situation with the right frame.
Why They Happen
Within that broader market context, capital calls are triggered by a specific gap between what the original underwriting projected and what the deal is actually experiencing.
The most common causes:
Bridge loan maturity. The deal was financed with short-term debt, and that debt is coming due. The sponsor needs capital to extend, refinance, or pay it down.bbbbbb
Floating rate debt repricing. The numbers that worked at acquisition stopped working when rates moved.
Rate cap expiration. The caps are expiring and renewing them at current rates costs more than the original budget allowed.
Unexpected capital expenditures. Something the inspection didn’t catch. A repair the reserve fund can’t absorb.
Occupancy shortfall. The property isn’t leasing at the pace the business plan assumed, and operating income is below projections.
The size of the ask matters too. I’ve received capital calls ranging from 7% of my original investment all the way up to 40%. Those are not the same conversation. A 7% ask to renew a rate cap is relatively contained. A 40% ask to restructure debt on a struggling asset is a fundamentally different situation and deserves a fundamentally different level of scrutiny.
The size of the ask is the first signal. It tells you something about the scope of the problem before you’ve read a single word of the memo.
This Is a New Investment Decision
Here’s the most important framing for this moment.
When you receive a capital call, you are not just deciding whether to send money. You are making a new investment decision with updated information.
When you evaluated this deal the first time, you looked at the sponsor’s track record, the market conditions, the business plan, the projected returns, and the risk factors. You need to do that same work again. The situation has changed. The analysis has to change with it.
Here is what you need to get clear on before you make any decision:
What is the money specifically for?
Not a general explanation. A specific use of funds. Is it to extend a loan, cover a renovation, stabilize occupancy, shore up reserves? The more specific the answer, the better sign. Vague answers to this question are a red flag.
A sponsor who knows what they’re doing can tell you exactly where every dollar is going.
What does the revised business plan look like?
Not just what went wrong. Where is the deal going from here? What’s the updated timeline? What are the new projections given current market conditions? Does the math still make sense, or is this capital call just buying time on a deal with no real path to recovery?
Those are two very different situations.
What happens if the capital call isn’t met?
This is the question most investors forget to ask. Get a direct answer. Is there a default risk? Could the lender foreclose? Is a sale being considered? Is there a plan B? Y
ou need to understand the downside of saying no, not just the upside of saying yes.
Is the sponsor contributing additional capital alongside LPs?
A sponsor who puts more of their own money in is a meaningfully different signal than one who is not. It tells you they believe in the revised plan. It tells you they have skin in the game.
What does the capital call memo actually show you?
Sponsors send these with supporting documents. Read them carefully. Look for a clear breakdown of how the funds will be used. Look for updated financial projections that reflect current conditions, not the original underwriting. Look for a realistic exit timeline. And look for what the sponsor has already done to stabilize the deal before sending this request.
If a sponsor can’t answer these questions clearly, that is as much information as the capital call itself.
Your Two Options
Once you’ve done the diligence, you have three actual options. None of them is automatically right.
1. Contribute.
You evaluate the revised plan, it holds up under scrutiny, the ask is proportionate to what’s needed, and you decide to put in more capital. I’ve done this.
There have been deals where contributing was clearly the right call because the asset was fundamentally sound, the issue was market-driven rather than operational, the sponsor had a credible plan, and they were putting in capital alongside investors.
That combination of factors changes the calculus.
2. Pass.
The revised plan doesn’t hold up. The numbers don’t work even with new capital. The sponsor can’t give you a clear picture of the path forward. Or the ask is too large relative to what you can realistically recover.
I’ve passed on capital calls too. And I’ll be honest: passing is uncomfortable.
Here’s why. When you decline and other LPs contribute, your equity position gets diluted. Here’s what that actually looks like.
Say you invested $100,000 in a deal where total LP equity is $2 million. That’s a 5% ownership stake. Now there’s a capital call for $400,000. You decline. Other LPs contribute. Total equity is now $2.4 million. Your $100,000 stake is now roughly 4.2%.
You still own a piece of the deal. But it’s a smaller piece. That’s the real cost of passing, and it’s worth running the math before you decide. If you’re weighing how to offset potential loss from capital calls, understanding dilution is step one.
Sometimes that cost is worth absorbing if the deal doesn’t have a credible future. Sometimes it isn’t. That’s a judgment call that only you can make with the information in front of you.
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Not All Capital Calls Are the Same
This is worth saying directly.
There is a meaningful difference between a sponsor who hit a market condition they couldn’t control, maintained transparent communication throughout, explored every alternative before asking investors for more, came back with a specific use of funds and a credible revised plan, and put their own capital in alongside yours.
And a sponsor who mismanaged the asset, gave vague or infrequent updates, and is now asking for more money without being able to clearly explain what changes and why the new capital solves the problem.
The capital call itself doesn’t tell you which situation you’re in. The quality of the communication, the specificity of the plan, the sponsor’s track record leading up to this moment, and how they’ve behaved when things got hard, that’s what tells you.
A good operator in a bad market is a fundamentally different situation from a bad operator in any market. How you respond should reflect that difference. Understanding when a real estate deal doesn’t go as planned — and what your options actually are — is what separates reactive investors from informed ones.
The Standard for Making the Decision
A capital call is not a verdict on your investment. It’s a decision point.
The worst thing you can do is respond emotionally. Contributing more money because you’re afraid of losing what you have is not a strategy. Passing because the ask makes you uncomfortable isn’t either.
The standard is the same one you applied going in: evaluate the sponsor, the revised plan, and the underlying asset. Ask the hard questions. Get specific answers. Run the dilution math if you’re considering passing. If you want a broader lens on managing investment risk across your portfolio, that context helps here too. Then make a decision you can stand behind.
Investors who navigate capital calls well aren’t the ones who never receive them. They’re the ones who know what to do when they do.
Were these helpful in any way? Make sure to sign up for the newsletter and join the Passive Income Docs Facebook Group for more physician-tailored content.
Peter Kim, MD is the founder of Passive Income MD, the creator of Passive Real Estate Academy, and offers weekly education through his Monday podcast, the Passive Income MD Podcast. Join our community at the Passive Income Doc Facebook Group.
Disclaimer: I am not a CPA, attorney, or financial advisor. The information in this post is for educational purposes only and should not be construed as tax, legal, or financial advice. Please consult a qualified professional about your specific situation before making any decisions.
Trump’s Ultimate Fighting Championship Freedom 250 spectacle on the White House South Lawn resulted in record bonuses for the winners. The fighters, though, didn’t get paid in U.S. dollars, which would seem to be the obvious currency for such an event. Instead, the prize money came in the form of USD1, a type of synthetic dollar known as a stablecoin, that is run by the Trump family’s cryptocurrency business, World Liberty Financial.
This arrangement created an ethics scenario that would otherwise be illegal for most federal officials and could be treated as a crime, said Richard Painter, a former chief White House ethics lawyer in the George W. Bush administration.
“If a Treasury secretary had a financial interest in World Liberty and then participated in any government matter that had a knowing economic impact on World Liberty, that Treasury secretary very likely would commit a felony,” Painter told Fortune.
Under the federal criminal statute 18 U.S.C. § 208, Painter noted, most executive branch employees are barred from taking part in official matters that clearly affect their own financial interests or those of close associates. The president, vice president, and members of Congress, however, are exempt.
In Trump’s case, that exemption allows him to take part in events that feature World Liberty Financial, which issues USD1. Stablecoins like USD1 are backed by cash and government debt, and their issuers earn interest on those reserves, turning every dollar held in tokens into a steady revenue stream.
World Liberty Financial was founded in 2024 by members of Trump’s family and close business associates. Since its creation, it has become one of the most lucrative parts of the president’s portfolio. According to the venture’s “gold paper,” the co‑founders include Trump, his three sons, Middle East special envoy Steve Witkoff and Witkoff’s two sons. The document notes that Trump and Witkoff were removed from the listed team after taking office.
Despite Trump stepping back from the company’s formal governance, his most recent financial disclosure released on Saturday shows he has made more than $57.3 million from sales of World Liberty’s governance token. USD1, launched in 2025 and backed by cash, U.S. Treasuries, and other cash equivalents, now circulates in the billions of dollars, generating tens of millions a year for World Liberty from interest on the reserves that support the stablecoin.
UFC did not immediately respond to Fortune’s questions about which fighters received USD1 payouts, or about how much they received.
The White House did not immediately respond to questions from Fortune about whether officials had evaluated potential conflicts of interest in allowing a Trump‑linked stablecoin to be used at the event.
The Ultimate Cryptocurrency Trading Course for Beginners | Jegatheesh | Tamil | 2023 தமிழில்
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If you require financial advice, please consult a professional financial advisor. The information presented in this video is solely for educational purposes.
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வணக்கம், இந்த வீடியோவில் உங்களுக்கு பயனுள்ள ஒரு விடயத்தை தெரிந்து கொண்டிருப்பீர்கள் என்று நம்புகிறேன், உங்களுக்கு இந்த வீடியோ பிடித்திருந்தால் உங்கள் நண்பரகளுடன் ஷேர் செய்யவும் , லைக் செய்யவும் , உங்கள் கருத்துக்களை பதிவிடவும்.நன்றி
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Starting July 1, 2026, the federal Grad PLUS program closes to new borrowers, and graduate borrowing is capped at $20,500 a year and $100,000 total. Professional students, such as future doctors, dentists, and lawyers, can borrow $50,000 a year and $200,000 total.
A new overall federal borrowing ceiling of $257,500, which includes undergraduate debt, means many students will reach a hard limit that federal aid alone won’t cover.
Private student loans, including Abe® can help close the gap between the federal caps and the real cost of a graduate or professional degree.
The way students pay for graduate school is about to change. Starting July 1, 2026, the federal government will stop offering Grad PLUS loans to new borrowers and will set new caps on how much graduate and professional students can borrow each year. For people heading into master’s, doctoral, medical, dental, and law programs, federal aid will no longer stretch to cover the full price of a degree.
In partnership with Monogram LLC, which created Abe® student loans, let’s break down what’s changing and how graduate students can plan for the gap. Get a quote here >>
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What’s Ending: The Grad PLUS Loan
Until now, the federal Grad PLUS loan let graduate and professional students borrow up to the full cost of attendance, no matter how expensive the program. Beginning July 1, 2026, that program closes to new borrowers under the One Big Beautiful Bill Act (OBBBA).
However, there is a transition rule. If you already borrowed a Grad PLUS loan before July 1, 2026, and you stay continuously enrolled in your program, you can keep using Grad PLUS for up to three more years or until you finish your program, whichever comes first.
Students who start fresh after that date will not have access to the program at all.
The New Borrowing Caps
In place of unlimited Grad PLUS borrowing, the law sets annual and lifetime limits on the federal unsubsidized loans graduate and professional students can take out:
Borrower Type
Annual Limit
Lifetime Limit
Graduate degree
(master’s, doctoral)
$20,500
$100,000
Professional degree
(medicine, law, and similar)
$50,000
$200,000
Overall federal cap
(includes undergraduate debt)
Cell
$257,500
For perspective, the previous lifetime limit for graduate and professional borrowing was $138,500. The new structure raises the ceiling for some professional programs but removes the safety valve that Grad PLUS provided when a degree cost more than the cap allowed.
Part-time students will see their limits reduced in proportion to their enrollment.
What This Means for Your Family
The household impact lands hardest on students in high-cost programs. Many medical and dental schools carry a total cost of attendance well above $200,000, and four years at a private medical school can exceed $300,000 once living expenses are included.
A professional student who reaches the $200,000 federal lifetime limit could still face a meaningful shortfall, and a graduate student capped at $100,000 may run out of federal aid before the second year of a pricey program.
Families now have to plan earlier. That means comparing program costs against the federal caps before enrolling, building any savings or assistantship income into the budget, and knowing in advance how a funding gap will be covered. The era of borrowing the full cost from the government in one place is over for new students.
Where Private Loans Fit In
Once federal options are maxed out, a private student loan is the main way to bridge the difference. Abe® is built for exactly this situation, offering private student loans for graduate and professional students who need more than the new federal caps allow. In fact, Abe’s loan limits recently increased in order to help many borrowers affected by the Grad PLUS phaseout to continue their educational journey. Borrowers can compare fixed and variable rate options and apply with a creditworthy cosigner to strengthen the application.
Because private loan terms vary by lender and by borrower credit, look at the interest rate, repayment options while in school, and any fees before signing.
Compare your graduate borrowing options with Abe®. Get a quote here >>. Also, check out Abe’s Graduate Scholarship Sweepstakes, open for entries until July 31, 2026. One lucky winner will receive $5,000 ‡ for educational expenses. Click this link to enter and see the sweepstakes rules here.
Action Steps
Confirm whether you are grandfathered. If you borrowed Grad PLUS before July 1, 2026, and stay enrolled, you may keep limited access for up to three years.
Add up your full program cost and subtract the new federal caps to see your likely gap.
Maximize federal unsubsidized loans first, then assistantships, scholarships, and savings.
Borrow only what you need, and check the repayment terms that apply while you are still in school.
Check out Abe® to see how private student loans can fit in.
‡ NO PURCHASE NECESSARY. Open to legal residents of the 50 U.S./D.C., age 18+ who are currently a student or parent of a student enrolled in a graduate program at an Eligible Institution. Void where prohibited. Ends 07/31/26. Click for Official Rules.
Editor: Colin Graves
The post New Graduate School Loan Limits Start July 1: What Students Need to Know appeared first on The College Investor.
Some Chase Ink Plus cardholders recently received an updated benefits email that listed 5X points on shipping and internet/cable/phone services, but did not mention office supply stores as part of the 5X category. That omission could be an error of it could mean that 5X at office supply stores is going away.
The email mentions that “Starting October 1, 2026, your Ultimate Rewards® points will transfer to World of Hyatt® at a rate of 4:3. That means if you transfer 1,000 Ultimate Rewards® points, you will get 750 World of Hyatt points.” It then lists the card’s earning potential:
The good thing is that once you log in, there’s no mention in the account that anything is changing.
When you click “Learn More”, everything still looks business as usual:
For those unfamiliar, the Ink Plus has a $95 annual fee and earns 5X points at office supply stores on up to $50,000 in combined purchases per cardmember year, in addition to cable services, wireless and landline phone services. Chase Ink Cash also gets 5X at office supply stores, but only up to $25,000 in combined purchases per cardmember year.
But obviously, the office supply stores category is the most popular as it includes stores like Staples and Office Depot.
Guru’s Wrap-up
The Ink Plus card has not been available for new applications for year, but it remains one of the most powerful cards for earning Chase Ultima Rewards. If you’re buying gift cards anyway, earning 5X points at office supply stores is one of the easiest ways to supercharge your balance. Hopefully that it not changing.
I have reached out to Chase for comment, and I will update the article with any relevant information.
