Accurate mass measurements of neutron-rich iron and cobalt isotopes 67Fe and 69,70Co have been realized with the JYFLTRAP double Penning-trap mass spectrometer. With novel ion-manipulation techniques, the masses of the 69,70Co ground states and the 1/2− isomer in 69Co have been extracted for the first time. The measurements remove ambiguities in the previous mass values and yield a smoother trend on the mass surface, extending it beyond N=40. The moderate N=40 subshell gap has been found to weaken below 68Ni, a region known for shape coexistence and increased collectivity. The excitation energy for the 1/2− intruder state in 69Co has been determined for the first time and is compared to large-scale shell-model calculations. The new mass values also reduce significantly mass-related uncertainties for the astrophysical rapid neutron-capture process calculations.