The 30-year Treasury auction came in at 5.441%—the anchor for long-term borrowing costs, with mortgages taking the hit first. Real estate is already at its worst point since 2010, and if rates don’t come down, buyers will keep sitting on the sidelines. After doing this for so long, I’ve learned that position sizing is always more important than calling the direction. So what’s the takeaway? I haven’t figured it out yet either. If you’re watching, stay tuned.