Market Commentary RealtyRates.com™ Investor Survey Reports Modest Cap Rate Index Increases For All Property Types During 1st Quarter 2021 Coincident with a 39 basis point increase in Treasury rates to which most commercial mortgage interest rates are indexed, together with a three basis point decrease in equity dividend rates, the RealtyRates.com™ Weighted Composite (Cap Rate) Index™ increased 10 basis points from 8.67 to 8.77 percent during the 1st Quarter of 2021. The greatest quarter-over-quarter cap rate index increase was recorded by the Apartment sector, up 14 basis points, followed by the Industrial sector, up 12 basis points. The smallest quarter-over-quarter cap rate index increase was recorded by the Lodging sector, up three basis points, followed by the Golf sector, up five basis points. Mortgage lending standards were largely unchanged on weakened demand during the 1st Quarter. Meanwhile spreads were down 24 basis points, but average permanent mortgage rates were up 25 basis points.