Markets
Investor Market Pulse
Where investor purchase activity is concentrating right now, and which metros are cooling.
Market insights
The numbers behind the decision
Financing costs don't move in isolation. These are the benchmarks that sit underneath investment property lending, tracked live, plus the market research we publish for investors.
Live benchmarks
Rates that move the market
Updated from the Federal Reserve Bank of New York and the U.S. Treasury. These are public market benchmarks — not our rates, and not an indication of terms available to you.
Market data
Loading…
Source: Federal Reserve Bank of New York (SOFR) and U.S. Department of the Treasury (constant maturity yields). Figures are historical benchmark data shown for general information, may be delayed, and are not quotes, offers of credit, or an indication of financing terms available to any borrower.
Reading the benchmarks
Why an investor should watch these
None of these three is the rate on an investment property loan. They're the cost of money underneath it — and when they move, the terms lenders can offer tend to follow, with a lag.
Watching them won't tell you what a lender will do. It will tell you whether the ground is shifting under a decision you're about to make, which is usually the more useful thing to know.
SOFR
The overnight rate banks charge each other against Treasury collateral. It reflects short-term funding costs and tracks Federal Reserve policy closely. Bridge debt, construction lines, and adjustable structures tend to move with it.
10-Year Treasury
The single most-watched benchmark for longer-term fixed real estate debt. Longer-term fixed financing costs on investment property tend to track the 10-year, because that's closer to how long such a loan actually lives before payoff.
30-Year Treasury
The long end of the curve. Compared against the 10-year, it says something about what the market expects from inflation and growth well out into the future.
What this doesn't tell you. Investment property financing carries a spread over these benchmarks that reflects the property, the coverage ratio, credit, leverage, and the individual lender's appetite. A falling 10-year does not automatically mean better terms, and the relationship is neither immediate nor fixed. Treat these as context, not as a forecast.
Interactive
What a rate move does to your deal
Benchmarks are abstract until you put them against a real property. Enter your numbers and see exactly where the coverage ratio holds up — and at what point it stops working.
Breaks even (DSCR 1.00) at
—
Reaches 1.25 at
—
Horizontal axis is a hypothetical interest rate range, shown for illustration only. It is not a quote, an offer, or an indication of terms available to you.
How to read this. The curve shows how the coverage ratio changes as the rate moves. Where it crosses 1.00, the rent stops covering the payment. Where it crosses 1.25, you're in the range that opens up the widest set of options. If your deal sits close to a threshold, small changes in taxes or insurance can move it — which is exactly the kind of thing worth catching before you're under contract.
Research
What we track for investors
The reporting we publish, grouped by the decision it helps you make. New pieces are added as the data moves.
Markets
Markets
Best Markets for Cash Flow
Cities with rent-to-price ratios that still support coverage at current financing costs.
Markets
Emerging Investor Markets
Smaller metros starting to draw investor capital before property values catch up.
Markets
Market Comparison
Head-to-head breakdowns — Phoenix vs. Dallas vs. Atlanta — on the metrics that decide a deal.
Markets
Housing Supply Insights
Inventory levels and new construction, and what tighter or looser supply does to rents.
Rents and prices
Rents and prices
Rent Growth Report
Which markets are posting the strongest rental growth, and where it's flattening.
Rents and prices
Home Price Trends
Appreciation and depreciation by market, and what that does to refinance timing.
Rents and prices
Long-Term Rental Trends
Where rental demand is deepening, and the demographics behind it.
Rents and prices
Short-Term Rental Trends
STR performance alongside the regulatory changes that keep reshaping it.
Deal math
Deal math
Cash Flow Opportunities
Markets where properties are producing stronger coverage ratios than the national picture suggests.
Deal math
Rate vs. Yield Analysis
When a higher financing cost still leaves a deal working, and when it genuinely doesn't.
Deal math
BRRRR Market Insights
Where the spread between purchase, rehab, and refinance value still supports the strategy.
Portfolio moves
Portfolio moves
Refinance Opportunities
Conditions that make refinancing worth examining, and the seasoning that governs timing.
Portfolio moves
Equity Utilization
Ways investors put existing property equity to work without selling.
Want this applied to a specific property?
General market data only goes so far. Send us an address and we'll tell you exactly how the financing side looks.