Market Commentary RealtyRates.com™ Investor Survey Reports Modest Cap Rate Index Decrease For All Property Types During 3rd Quarter 2021 Coincident with a 31 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™ decreased a modest 16 basis points from 8.94 to 8.77 percent during the 3rd Quarter of 2021. The greatest quarter-over-quarter cap rate index decreases were recorded by the Apartment, Lodging and Self Storage sectors, all down 18 basis points, followed by the Restaurant and Special Purpose sectors, both down 17 basis points. The smallest quarter-over-quarter cap rate index decreases were recorded by the Office and Retail sectors, down 15 basis points, followed by the Golf, Healthcare/Senior Housing and Industrial sectors, down 16 basis points. Mortgage lending standards were somewhat eased on stronger demand for both multifamily and nonresidential loans during the 3rd Quarter. Meanwhile spreads were unchanged overall, but average permanent mortgage rates were down 32 basis points.