Market rates
Investor loan rates today: the market numbers behind DSCR and bridge pricing
Investor loans are priced as a spread over a market rate. Rental (DSCR) loans follow the 5- and 10-year Treasury; flip and bridge loans follow SOFR and prime. The 10-year Treasury closed at 5.00% on Oct 23, 2026.
The numbers today
-
10-year Treasury
5.00%
+4 bp
Benchmark for 30-year fixed DSCR loans
For Oct 23, 2026. Source
-
5-year Treasury
4.82%
+4 bp
Benchmark for shorter fixed periods and 5/6 ARMs
For Oct 23, 2026. Source
-
30-day average SOFR
3.89%
Index most DSCR ARMs reset to after the fixed years
For Oct 23, 2026. Source
-
SOFR (overnight)
3.90%
+2 bp
Overnight cost of secured money; drives bridge and flip lenders’ credit lines
For Oct 22, 2026. Source
-
Prime rate
7.00%
unchanged
Some short-term lenders quote prime plus a margin
For Oct 21, 2026. Source
Pulled from the U.S. Treasury, the Federal Reserve Bank of New York and the Federal Reserve's H.15 release, and checked again every few hours. Change is against the prior business day, in basis points (100 bp = 1 percentage point).
Source: U.S. Treasury, daily par yield curve, one point per business day.
How DSCR loan rates follow the 10-year Treasury
A 30-year DSCR loan doesn't stay on a lender's books for 30 years. Most are sold to investors, often pooled into mortgage bonds, and those investors decide what they'll pay by comparing the yield to a Treasury of similar life. Rental loans rarely last 30 years: owners sell, refinance or pay off once the prepayment penalty runs out. So the loan behaves more like a 5- to 10-year bond, and that's the part of the Treasury curve the rate follows.
Your rate is that Treasury yield plus a spread. The spread pays for credit risk, the lender's costs and what bond buyers want for holding non-agency rental loans that week. When the 10-year rises a quarter point, DSCR rate sheets usually rise within days. When it falls, they fall, though often more slowly. The spread can also widen on its own when markets get nervous, so the 10-year tells you the direction, not your exact rate.
The 5-year matters for the same reason. An ARM fixed for 5 years, or any deal you expect to refinance soon, is priced closer to the 5-year. If the 5-year sits below the 10-year, a 5/6 ARM tends to start lower than a 30-year fixed; when the curve is flat, that discount shrinks. Run the payment both ways in the DSCR calculator, then compare it against the DSCR loan terms.
How bridge and flip loans follow SOFR and prime
A fix and flip loan or a bridge loan lasts 12 to 24 months, so long-term Treasuries have little to do with it. Short-term lenders fund these loans from credit lines and funds whose own cost floats with SOFR, the overnight rate on loans secured by Treasuries. Some quote floating loans directly as SOFR or prime plus a margin, usually with a floor. Many quote a fixed rate for the term instead; that rate is still set from their SOFR-based cost of money, so it moves when SOFR does, just in steps.
Both SOFR and prime are pinned to the Federal Reserve's target range. SOFR trades close to it every day. Prime is set by convention at the top of the range plus 3 percentage points, so it changes on the day the Fed moves and not otherwise. That's why a Fed decision shows up in short-term quotes almost at once, while a DSCR quote can move the opposite way.
Adjustable DSCR loans connect the two. A 5/6, 7/6 or 10/6 ARM is typically priced off Treasuries for the fixed years. After that it resets every six months to the 30-day average SOFR plus the margin in your note, within the caps.
What moves your own quote
The market sets the starting line. Your deal sets the spread. These are the levers, and which way each one pushes.
| Factor | Gets a lower rate | Costs more | Why |
|---|---|---|---|
| Credit score | Higher scores; pricing moves in tiers, so a few points can cross a line | Scores near the program minimum | Borrowers with higher scores default less often, and bond buyers price that in. |
| LTV | A bigger down payment or more equity | Borrowing at the maximum, and cash-out refinances | More equity means a smaller loss if the property has to be sold. |
| DSCR | Rent well above the payment | Ratios close to 1.0, or below it where a lender allows that | Thin coverage leaves little room for a vacancy or a repair. |
| Loan size | Mid-size loans | Very small loans, and very large ones | A small loan costs the lender almost as much to make as a big one. Large balances concentrate risk. |
| Prepayment term | A longer penalty, such as 5 years stepping down | No penalty, or a short one | A penalty tells the bond buyer the loan will earn interest for longer. |
| Points | Paying points at closing | Zero points, or taking a lender credit | Each point is 1% of the loan paid upfront in exchange for a lower rate. |
| Interest-only | A fully amortizing payment | An interest-only period | The balance does not come down during the interest-only years. |
Points and prepayment trade against each other and against the rate. Over a long hold, buying the rate down can pay back; if you expect to sell or refinance in two years, a higher rate with no points and a short penalty can cost less in total. Ask for the quote both ways.
Where these numbers come from
- U.S. Treasury daily par yield curve for the 5- and 10-year yields and the chart. If Treasury's feed is down, the page uses the Federal Reserve Bank of St. Louis copy of the same series (FRED DGS5 and DGS10) and says so.
- Federal Reserve Bank of New York for SOFR and the 30-day average SOFR.
- Bank prime loan rate from the Federal Reserve's H.15 release, via FRED.
Janover Capital LLC is a broker that arranges these loans. It is not the lender and does not set the rates above.
Questions people ask
Does a Fed rate cut lower DSCR loan rates?
Not directly. The Fed sets an overnight rate, and that moves SOFR and prime within days. A 30-year DSCR loan is priced off the 5- and 10-year Treasury, which trade on where investors think rates and inflation are headed over years. The two can split: the Fed cut by half a point on September 18, 2024, and by January 13, 2025 the 10-year yield had risen from 3.70% to 4.79%. Short-term bridge and flip loans feel a Fed move much more directly.
Why did my DSCR quote change in a week when nothing about my deal changed?
Lenders reprice their rate sheets when Treasury yields move, sometimes more than once in a day, and a quote is only good until you lock it. The spread over Treasuries also moves on its own when investors who buy these loans demand more or less yield. Lock once the appraisal and your terms are settled if a move up would break the deal.
How current are the numbers on this page?
The page checks the sources every few hours and shows the date each figure applies to. Treasury posts one set of closing yields per business day, after the market closes. The New York Fed publishes SOFR at about 8 a.m. Eastern for the previous business day. Prime changes only when the Fed changes its target range.
Can I lock one of these rates?
No. These are market benchmarks, not loan rates. A lender adds a spread that depends on your credit score, LTV, DSCR, loan size, prepayment term and points. Send the deal and you get a quote built on those numbers.
Want a real quote?
Send the deal. We check it against the lender's terms and come back with the rate and loan it supports.