Mortgage rates fell this week, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage declined to 6.3% from last week’s reading of 6.37%. 

The average rate on a 30-year loan was 6.83% a year ago.

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Realtor Russell Walsh takes a look at a listing by realtor Bryce Garman at Garman’s open house in Dana Point, California, on Aug. 1, 2024. (Paul Bersebach/MediaNews Group/Orange County Register via Getty Images)

“Compared to one year ago when rates were at 6.83%, this is a meaningful improvement for homebuyers during what is typically the busy spring homebuying season,” said Sam Khater, Freddie Mac’s chief economist.

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The average rate on a 15-year fixed mortgage fell to 5.65% from last week’s reading of 5.74%.

Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.29% as of Thursday afternoon.

A real estate agent and a prospective buyer stand outside of a home during an open house in Seattle, Washington, on Jan. 18, 2026. (David Ryder/Bloomberg via Getty Images)

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The decline in mortgage rates follows a two-week ceasefire between the U.S. and Iran, brokered with help from Pakistan, that was framed by the White House as a step toward broader negotiations.

“The 10-year Treasury yield has eased from last week, and this relief has carried through to mortgage rates,” said Realtor.com senior economist Anthony Smith. “However, the durability of this rate decline hinges on whether the ceasefire holds and evolves into a more lasting resolution. Until there is greater clarity on the geopolitical front, mortgage rate volatility is likely to remain elevated, and any improvement could prove temporary.”

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IEA head warns on largest energy crisis ever. (0:15) Taiwan Semi raises 2026 outlook on strong AI chip demand. (1:50) Microcap stocks surge after adding AI to their names. (2:19)

This is an abridged transcript of the podcast:

Our top story so far, Europe may have “maybe six weeks or so” of jet fuel remaining, International Energy Agency Executive Director Fatih Birol told the Associated Press, warning of what he called “the largest energy crisis we have ever faced” following the near-shutdown of oil and gas flows through the Strait of Hormuz.

The impact would mean “higher petrol prices, higher gas prices, high electricity prices,” and potential flight cancellations “soon,” Birol said.

The economic strain would hit unevenly, with countries including Japan, Korea, India, China, Pakistan and Bangladesh on the front line, along with poorer nations across Asia, Africa and Latin America. “Then it will come to Europe and the Americas,” he added.

“If the Strait is not reopened,” Birol warned, “soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel” in Europe.

Meanwhile, a senior Chevron executive told consumers facing high energy prices they may just want to “try to drive less” and turn out the lights.

“We should always be conserving energy, whether it’s your light switch or the miles you drive or what kind of car you buy,” Andy Walz, Chevron’s president of downstream, midstream and chemicals, told CBS. “I would encourage everybody to try to conserve, hang in there and hopefully prices will be coming down soon.”

Among active stocks, PepsiCo (PEP) reported improved Q1 results in its convenient foods segment after pledging price reductions in December. The company said its brand refresh efforts, innovation pipeline and affordability initiatives are gaining traction.

For the full year, Pepsi expects organic revenue growth of 2% to 4% and core constant-currency EPS growth of 4% to 6%, with midpoints ahead of consensus.

Taiwan Semiconductor (TSM) raised its 2026 revenue outlook on strong AI chip demand after Q1 net income surged 58% Y/Y. For Q2, the chipmaker guided to revenue of $39B to $40.2B, implying 10% sequential growth and 32% Y/Y growth at the midpoint.

PPG Industries (PPG) is rallying after announcing price increases of up to 20% across its global paints and coatings portfolio, citing higher raw material, energy, logistics and packaging costs.

In other news of note, echoes of the dot-com bubble and blockchain mania are reverberating in an AI-adjacent corner of the market this week.

Penny stock Myseum (MYSE) surged more than 250% today after the privacy-focused AI and social media technology company rebranded itself as Myseum.AI.

That follows a striking pivot from wool-based shoe company Allbirds (BIRD), which saw its market cap jump roughly $125M after announcing it would rebrand as NewBird AI, raise up to $50M in funding, and “seek to acquire high-performance, low-latency AI compute hardware and provide access under long-term lease arrangements, meeting customer demand that spot markets and hyperscalers are unable to reliably service.”

Understated quote of the year so far: AI infrastructure expert Bill Kleyman called it a “strange pivot.”

“I’ve been in this industry a while, and a company like Allbirds moving from shoes into AI infrastructure is not a very natural adjacency.”

If androids dream of electric sheep, perhaps wool-based AI has a future.

And in the Wall Street Research Corne, Goldman Sachs has rebalanced its Long Duration Basket following the recent rise in rates.

These are stocks whose expected cash flows sit further out in the future, making them more sensitive to interest rate moves. The basket is sector-neutral relative to the Russell 1000 (IWB).

Names in the group include Tesla (TSLA), DraftKings (DKNG), Costco (COST), AbbVie (ABBV), Snowflake (SNOW) and Broadcom (AVGO).

See the whole list in our story.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

One of Britain’s largest trade unions has delivered a blistering rebuke to ministers over the newly unveiled British Industrial Competitiveness Scheme, accusing Whitehall of turning its back on the very manufacturers that have long defined the country’s industrial heartlands.

The GMB, which represents tens of thousands of workers across Britain’s factory floors, said its members in gas-intensive sectors had been “disgracefully ignored” by a package the Government had trailed as a lifeline for domestic industry. The union’s verdict will make uncomfortable reading in Downing Street, where ministers have staked considerable political capital on reviving the fortunes of British manufacturing and narrowing the competitiveness gap with rivals in Europe, North America and Asia.

Gary Smith, GMB General Secretary, did not mince his words. “Gas-intensive industries in the UK have been shamefully ignored by the Government in this announcement, it’s a total disgrace,” he said. Mr Smith went on to warn that members working in the nation’s world-famous ceramics sector, along with those producing the bricks that underpin Britain’s construction supply chain, were “sickened at the lack of support” on offer. “Workers in manufacturing companies across the UK need urgent help,” he added. “This isn’t it.”

The intervention throws a harsh spotlight on the scheme’s design. The ceramics cluster centred on Stoke-on-Trent, together with the brickmaking operations that supply housebuilders and infrastructure projects up and down the country, relies heavily on natural gas to fire kilns at the extreme temperatures their products demand. Punishing wholesale energy prices, combined with the cumulative weight of climate levies and network charges, have left these small and mid-sized manufacturers paying substantially more for power than their Continental competitors, a longstanding grievance that industry bodies have pressed successive administrations to address.

For owner-managers in the Potteries and the brick belts of the Midlands and the North, the omission will sting. Many of these firms are quintessential British SMEs: privately held, deeply rooted in their communities, and exporting heritage products that still carry weight on the world stage. Their plea has been consistent, that any credible competitiveness strategy must begin with the cost of energy, without which no amount of capital allowances or skills funding will move the dial.

Whether the Government chooses to reopen the scheme’s scope, or whether a separate package for energy-intensive industries is now inevitable, will be watched closely over the coming weeks. What is beyond doubt is that today’s announcement has, in the GMB’s eyes, fallen well short of the mark.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

RESTON, Va. — NextNav Inc. shares surged more than 21 percent Thursday as the developer of next-generation terrestrial positioning, navigation and timing technology benefited from renewed investor optimism around an anticipated Federal Communications Commission rulemaking and a broader market rebound sparked by easing geopolitical tensions.

The stock was quoted at $20.56, up 21.15 percent or $3.59, in morning trading on April 16. Volume spiked as traders piled into the small-cap name, pushing shares toward recent highs after a period of consolidation. The move extended gains from the prior session and reflected growing confidence that NextNav’s spectrum-based solution could soon gain clearer regulatory support as a backup to GPS.

NextNav specializes in 3D geolocation and precise timing services that operate independently of satellite signals, addressing vulnerabilities in traditional GPS systems used by smartphones, emergency services, autonomous vehicles and critical infrastructure. Its Pinnacle platform provides accurate vertical positioning, while broader efforts focus on a nationwide terrestrial network leveraging 900 MHz spectrum to deliver resilient PNT capabilities even in urban canyons, indoors or during satellite disruptions.

The rally aligned with positive sentiment around FCC progress. In its March earnings release, NextNav CEO Mariam Sorond expressed confidence that the commission was moving toward a near-term Notice of Proposed Rulemaking, or NPRM, supported by a robust record and recent submissions by FCC Chairman Brendan Carr. Such a step would represent a significant milestone, potentially opening the door to commercial deployment and monetization of the company’s licensed spectrum holdings.

Analysts and market observers noted that regulatory clarity could unlock substantial value for NextNav, which has positioned itself as a leader in 5G-powered PNT alternatives. The company has highlighted successful tests and early commercial pilots, including plans to operate what it calls the world’s first 5G-powered PNT network. Momentum toward an NPRM and eventual Report and Order could accelerate partnerships with carriers, device makers and government agencies seeking GPS redundancy amid rising concerns over jamming, spoofing and space-based system vulnerabilities.

Thursday’s surge also coincided with a broader relief rally across risk assets. Signs of diplomatic progress in the Middle East helped calm energy markets and lifted technology and communications stocks, sectors that had faced pressure amid earlier uncertainty. NextNav, with its ties to 5G infrastructure and critical infrastructure resilience, rode the wave of renewed risk appetite.

The company reported fourth-quarter and full-year 2025 results in mid-March, posting a net loss of $1.42 per share against revenue that beat estimates in some segments. While still pre-revenue in its core commercial PNT push, executives pointed to operational highlights, including network expansions and advancing regulatory engagement. The earnings call emphasized the strategic importance of FCC action, with Sorond noting rapid momentum under the current administration.

Investor sentiment had been mixed in recent months. Insider sales, including a transaction by the CEO in early March valued around $1.2 million, raised some eyebrows, though such moves are common for executives managing personal holdings. Earlier volatility included a 17 percent jump in March tied to similar regulatory optimism. Analysts have offered varied targets, with some highlighting upside potential if the FCC pathway materializes, while cautioning on execution risks and ongoing cash burn as the company invests in network buildout.

NextNav’s technology addresses a growing national security and economic imperative. GPS disruptions — whether from solar activity, cyberattacks or intentional interference — can cascade through supply chains, transportation, finance and emergency response. The company’s terrestrial approach uses ground-based transmitters to create a complementary or backup layer, with 3D capabilities that improve altitude accuracy for applications like drone navigation and indoor mapping.

Recent board changes and governance moves signal preparation for growth. In February, NextNav appointed telecom veteran Lisa Hook as a director, bolstering expertise in regulatory and commercial scaling. The company also scheduled its 2026 annual shareholder meeting for May 21 as a virtual event, where stockholders will vote on director elections and auditor ratification.

Challenges remain. NextNav continues to report losses as it prioritizes infrastructure investment and spectrum advocacy over immediate profitability. Competition exists from other PNT innovators, and full commercialization depends on regulatory approval, carrier adoption and device integration. Capital needs for network deployment could require additional financing, though current cash positions and strategic partnerships provide runway.

Wall Street has taken note of the regulatory catalyst. Oppenheimer upgraded the stock to Outperform on April 16, contributing to positive momentum. Broader coverage reflects a mix of enthusiasm for the long-term opportunity in resilient navigation and realism about near-term hurdles. Options activity has shown heightened interest, with elevated call buying in recent sessions reflecting bets on continued upside.

For investors, NextNav represents a high-risk, high-reward play at the intersection of 5G, critical infrastructure and national security. Success hinges on translating spectrum holdings and technical prowess into revenue-generating contracts, potentially with government agencies, wireless providers or enterprises requiring precise timing and location services.

The company traces its roots to efforts addressing GPS limitations in dense urban environments. Over time, it has built a portfolio of intellectual property and secured key spectrum licenses that differentiate it from satellite-dependent systems. Early commercial traction includes altitude services for emergency calling and indoor positioning pilots.

As trading continued Thursday, shares held most of their sharp gains amid elevated volume, signaling broad participation. The move pushed the market capitalization above $2.8 billion, a level that draws greater institutional scrutiny and potential index inclusion considerations down the road.

Looking ahead, attention turns to the FCC timeline and any formal announcements. An NPRM could spark further volatility and upside, while delays might pressure sentiment. NextNav’s first-quarter 2026 earnings, expected in early May, will provide another update on operational progress, cash position and regulatory discussions.

In the meantime, the company continues technical validations and partnership outreach. Its ability to demonstrate real-world performance in challenging environments will be crucial for winning adoption once regulatory doors open wider.

Thursday’s breakout underscores how quickly sentiment can shift in small-cap technology names tied to policy catalysts. With GPS vulnerabilities increasingly in focus — from military conflicts to everyday reliability concerns — NextNav’s pitch for a domestic, terrestrial alternative resonates with policymakers and industry stakeholders.

Whether the surge sustains depends on execution and external developments. For now, investors appear willing to bet on positive regulatory momentum and the strategic importance of resilient PNT in an era of advancing connectivity and potential threats to satellite infrastructure.

NextNav’s story remains one of patient capital and advocacy, positioning the firm as a potential beneficiary of both commercial 5G expansion and national efforts to harden critical infrastructure. As the FCC process advances, the coming months could prove pivotal in determining whether the company converts its technological promise into sustainable growth.

Discount department store placed into administration alongside Claire’s Accessories earlier this year

The Original Factory Shop has shuttered all 137 of its outlets and its Bolton head office, after the retailer tumbled into administration amid mounting industry concerns over sluggish consumer confidence and elevated taxes.

The discount department store was placed into administration alongside Claire’s Accessories earlier this year, as private equity firm Modella Capital claimed government policy was forcing British businesses to “suffer”.

Modella Capital recently acquired WH Smith’s high street branches – since rebranded as TG Jones – though the sites it took on have reportedly been battling poor sales figures.

Administrators Interpath confirmed on Thursday that all Original Factory Shop locations are permanently closed.

The retailer had 1,180 staff on its books when it entered administration, with Interpath confirming that the vast majority of employees have been dismissed, while a small number were kept on to assist with winding down operations, as reported by City AM.

A spokesperson for Interpath said: “A phased closure of the store portfolio was implemented considering the financial position.

“The majority of employees have been made redundant, while a small number of staff have been retained to assist the joint administrators in their duties as they move towards formally winding up the business.

“A specialist team is in place to support impacted staff with making Redundancy Payments Service claims.”

Modella Capital has attributed the collapse of Original Factory Shop and Claire’s Accessories to sluggish consumer confidence and “adverse government fiscal policies”, as it moved to wind down both businesses.

The private equity firm has acquired a string of high street retailers in recent years, offloading several of them shortly after purchase. Both Claire’s and Original Factory Shop were placed into administration by Modella less than two years after buying the firms.

The equity firm is reportedly considering a sale of Wynsors World of Shoes, a northern footwear retailer it acquired just four months ago.

The investment company has also drafted in emergency advisors to lead a sweeping restructuring of TG Jones, following its £76m acquisition of the 480-store chain from WH Smith last year.

Modella’s agreement with WH Smith contains a clause effectively preventing the former from closing underperforming shops within 12 months of the takeover, according to The Telegraph.

The firm has reportedly conceded in private that sales have been hampered by the poor name recognition of the newly rebranded TG Jones, with outlets retaining the WH Smith fascia outperforming those that have undergone the rebrand.

Modella was established as Tailer Debtco in 2022 before being rebranded a year later, and is owned by Hay Wain Group, the family office founded by turnaround specialist Jamie Constable.

According to its most recent balance sheet, Modella held £12.8m in net assets in 2024. The Original Factory Shop, which was established in 1969 and moved its HQ from Burnley to Bolton last year, stocked a range of fashion, homeware, toys and personal care items.