Market Commentary RealtyRates.com™ Investor Survey Reports Modest Cap Rate Index Increases For Most Property Types During 1st Quarter 2026 Coincident with an 11 basis point increase in Treasury rates to which most commercial mortgage interest rates are indexed, together with a 17 basis point decrease in the mean equity dividend rate, the RealtyRates.com™ Weighted Composite (Cap Rate) Index™ increased two basis points from 9.79 to 9.81 percent during the 1st Quarter of 2026. The greatest quarter-over-quarter cap rate index increases during the 1st Quarter were recorded by the Apartment. Office and Special Purpose sectors, all up six basis points followed by the Golf sector up five basis points. Meanwhile, the greatest quarter-over-quarter cap rate index decrease during the 1st Quarter was recorded by the Lodging sector, down 12 basis points, followed by the Mobile Home/RV Park-Camp Ground/Manufactured Home sector, down four basis points. Mortgage lending standards eased slightly for property types on overall decreased demand during the 1st Quarter. Meanwhile, spreads were down two basis points overall, while average permanent mortgage rates were up nine basis points.