Market Commentary RealtyRates.com™ Investor Survey Reports Modest Cap Rate Index Increases For All Property Types During 4th Quarter 2020 Coincident with a 17 basis point increase in Treasury rates to which most commercial mortgage interest rates are indexed, together with a three basis point increase in equity dividend rates, the RealtyRates.com™ Weighted Composite (Cap Rate) Index™ increased 11 basis points from 8.56 to 8.67 percent during the 4th Quarter of 2020. The greatest quarter-over-quarter cap rate index increase was recorded by the Golf sector, up 16 basis points, followed by the Office and Special Purpose sectors, both up 14 basis points. The smallest quarter-over-quarter cap rate index increase was recorded by the Apartment sector, up six basis points, followed by the Healthcare/Senior Housing sector, up eight basis points. Mortgage lending standards on weakened demand tightened during the 4th Quarter. While spreads remained unchanged, average permanent mortgage rates were up 17 basis points.