--- title: "10-year Treasury hits 5.24%, mortgage rates top 7%: what landlords should do now" description: "The 10-year Treasury yield reached 5.24% on Sept. 28 and Freddie Mac's 30-year rate hit 7.03%. Owners with loans, rate caps or IO periods ending soon should rerun refinance math, price caps, and push renewals early." date: 2026-09-29 updated: 2026-09-29 author: "Proppely Research Desk" kind: MARKET_TREND tags: ["mortgage-rates", "economy", "multifamily", "single-family-rental", "policy"] reading_minutes: 4 word_count: 826 canonical: "https://www.proppely.com/insights/10-year-treasury-5-24-percent-mortgage-rates-7-landlords" html: "https://www.proppely.com/insights/10-year-treasury-5-24-percent-mortgage-rates-7-landlords" feed: "https://proppely.com/insights/feed.xml" license: "Free to read and cite with a link to the canonical URL." sources: - title: "Daily Treasury Par Yield Curve Rates, September 2026" url: "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202609" publisher: "U.S. Department of the Treasury" published: "2026-09-27" - title: "Federal Reserve issues FOMC statement" url: "https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm" publisher: "Federal Reserve Board" published: "2026-09-15" - title: "Primary Mortgage Market Survey" url: "https://www.freddiemac.com/pmms" publisher: "Freddie Mac" published: "2026-09-23" - title: "Mortgage Rates Jump as Markets Price in More Fed Rate Hikes" url: "https://www.redfin.com/news/mortgage-rates-rise-economic-concerns/" publisher: "Redfin" published: "2026-09-27" - title: "Higher Forever: How Surging Treasury Yields Are Impacting Commercial Real Estate" url: "https://commercialobserver.com/2026/09/10-year-treasury-yields-commercial-real-estate/" publisher: "Commercial Observer" published: "2026-09-27" - title: "Mortgage rates have gone wild, so what's next for housing?" url: "https://www.housingwire.com/articles/mortgage-rates-have-gone-wild-so-whats-next-for-housing/" publisher: "HousingWire" published: "2026-09-26" - title: "Are 9% mortgage rates possible?" url: "https://www.housingwire.com/articles/are-9-mortgage-rates-possible/" publisher: "HousingWire" published: "2026-09-27" - title: "U.S. Concession Use Narrows for a Third Month as Discount Depth Barely Moves" url: "https://www.realpage.com/analytics/us-concessions-august-2026/" publisher: "RealPage" published: "2026-09-21" --- # 10-year Treasury hits 5.24%, mortgage rates top 7%: what landlords should do now > The 10-year Treasury yield reached 5.24% on Sept. 28 and Freddie Mac's 30-year rate hit 7.03%. Owners with loans, rate caps or IO periods ending soon should rerun refinance math, price caps, and push renewals early. ## Key takeaways - The 10-year Treasury yield was 5.24% on September 28, up from 4.79% on September 1, per Treasury data. - Freddie Mac's 30-year fixed rate rose to 7.03% on September 24, up from 6.30% a year earlier. - The Fed raised rates to 3.75%-4% on September 16, and Redfin says futures markets now price a 5% federal funds rate by the end of 2027. - Owners with loan maturities, rate-cap expirations or interest-only burn-offs in the next 18 months should rerun refinance math at current rates. - Fewer renters are likely to leave to buy, but RealPage data shows concessions on 15.4% of stabilized units, so renewals still need careful pricing. Treasury's daily par yield for the 10-year note was [5.24% on September 28](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202609), up from [4.79% on September 1](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202609). The 30-year fixed mortgage rate in Freddie Mac's weekly survey rose to [7.03% on September 24](https://www.freddiemac.com/pmms), from [6.30% a year earlier](https://www.freddiemac.com/pmms). For landlords, that combination hits three places at once: the cost of refinancing, the value of the building, and how long renters stay renters. ## What happened Long-term rates have climbed all month. Treasury's daily data shows the 10-year yield reaching [5.00% on September 15](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202609), reaching [5.11% on September 23](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202609) and [5.24% on September 28](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202609). The 30-year yield was [5.56% on September 28](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202609). Commercial Observer reported that the September 23 readings were the [highest in 19 years](https://commercialobserver.com/2026/09/10-year-treasury-yields-commercial-real-estate/) for both the 10-year and 30-year Treasuries. The Federal Reserve raised its target range by a quarter point to [3-3/4 to 4 percent on September 16](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm), in a 12-0 vote. The statement said the move "will support a timelier return" to its [2 percent inflation goal](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm). It did not commit to further hikes. Markets now expect more. Redfin's economic research team wrote on September 28 that futures markets are pricing in hikes that would take the federal funds rate to [5% by the end of next year](https://www.redfin.com/news/mortgage-rates-rise-economic-concerns/), [75 basis points more](https://www.redfin.com/news/mortgage-rates-rise-economic-concerns/) in hikes than it expected a month ago. Redfin tied the repricing to stronger-than-expected economic data, oil-price volatility and an increasingly hawkish Fed, and said the same data kicked off a [20-basis-point climb](https://www.redfin.com/news/mortgage-rates-rise-economic-concerns/) in the 10-year yield last week. Mortgage rates followed. Freddie Mac's 30-year average rose [0.08 point in a week to 7.03%](https://www.freddiemac.com/pmms). HousingWire's weekly tracker showed a sharper move: it reported rates [climbed to 7.49% before settling at 7.43%](https://www.housingwire.com/articles/mortgage-rates-have-gone-wild-so-whats-next-for-housing/), and purchase applications were [down 11% year over year](https://www.housingwire.com/articles/mortgage-rates-have-gone-wild-so-whats-next-for-housing/). ## Why it matters for property managers **Refinancing is the pressure point.** A Lee & Associates capital advisor told Commercial Observer that asset classes like multifamily that locked into floating-rate debt when rates were near zero will be [hurt the most](https://commercialobserver.com/2026/09/10-year-treasury-yields-commercial-real-estate/), and a PRP Real Assets executive said most multifamily deals this summer were [lender-forced sales](https://commercialobserver.com/2026/09/10-year-treasury-yields-commercial-real-estate/) after years of "extend and pretend." If a loan, rate cap or interest-only period in your portfolio ends in the next 12 to 18 months, the refinance math you ran last spring is probably out of date. **Values move with rates.** Higher Treasury yields generally push buyers' required returns up, and Commercial Observer notes that [higher cap rates translate into falling property values](https://commercialobserver.com/2026/09/10-year-treasury-yields-commercial-real-estate/) unless income rises. Commercial Observer also reported [broken transactions](https://commercialobserver.com/2026/09/10-year-treasury-yields-commercial-real-estate/) as buyers and sellers pull back from agreed prices. If you are marketing an asset or relying on an appraisal for a loan, expect those numbers to be tested. **Renters may stay put longer.** With purchase applications [down 11% year over year](https://www.housingwire.com/articles/mortgage-rates-have-gone-wild-so-whats-next-for-housing/), fewer tenants are likely to leave to buy. That can support renewals, but it is not the same as pricing power. RealPage reported that concessions were offered on [15.4% of stabilized units in August](https://www.realpage.com/analytics/us-concessions-august-2026/), down from [15.8% in July](https://www.realpage.com/analytics/us-concessions-august-2026/) but above [14.3% a year earlier](https://www.realpage.com/analytics/us-concessions-august-2026/), with the average concession at [11% of asking rent](https://www.realpage.com/analytics/us-concessions-august-2026/) and effective rents up only [0.9% year over year](https://www.realpage.com/analytics/us-concessions-august-2026/). Demand is steady; discounting has not gone away. **Operating costs are not easing.** A tighter Fed does not cut your bills this quarter. Higher rates raise the cost of any credit line or construction loan you use for capital projects. ## What to do this week 1. **List every loan maturity, rate-cap expiry and interest-only burn-off** in the next 18 months. Rerun debt service coverage at current rates plus a cushion, not at the rate you assumed at acquisition. 2. **Call your lender or broker early** on anything maturing in 2027. Ask what extension terms, paydowns or new cap costs look like now, before they become a deadline problem. 3. **Price replacement rate caps.** If a cap expires soon, get quotes now; their cost rises with rate expectations. 4. **Lean into renewals.** Tenants who would have bought a home may prefer to stay. Send renewal offers early, and weigh a modest increase against the cost of turnover and the concession you would need to fill the unit. 5. **Re-sequence capital projects.** Fund essential and revenue-producing work first. Defer projects that depend on borrowed money until you know your financing cost. 6. **Update your owner reports.** Owners will ask how rates affect value and cash flow. Give them a clear view of the debt schedule and what you are doing about it. This is general information, not financial or legal advice. Confirm loan terms with your lender and counsel. ## What we're watching - **The next Fed meeting.** Futures pricing reflects expectations, not decisions. Any signal on further hikes will move long rates. - **Freddie Mac's weekly survey** each Thursday, and whether the 30-year rate holds above 7%. - **The 10-year yield.** HousingWire's Logan Mohtashami argued that 9% mortgage rates would require a 10-year yield [above 6%](https://www.housingwire.com/articles/are-9-mortgage-rates-possible/) along with other conditions he considers unlikely. - **Concessions.** If September data shows discounting rising again as new supply delivers, renewal pricing gets harder. ## FAQ **How high is the 10-year Treasury yield right now?** Treasury's daily data shows the 10-year yield at 5.24% on September 28, 2026, after first reaching 5.00% on September 15. Commercial Observer reported the September 23 level was the highest in 19 years. **Are mortgage rates above 7%?** Yes. Freddie Mac's weekly survey put the 30-year fixed rate at 7.03% on September 24, 2026, up from 6.95% a week earlier and 6.30% a year earlier. **Will the Fed raise rates again?** The Fed has not committed. Its September 16 statement raised the target range to 3-3/4 to 4 percent without promising further hikes, but Redfin says futures markets are pricing a 5% federal funds rate by the end of next year. **What should landlords do about rising rates?** List loan maturities, rate-cap expirations and interest-only burn-offs for the next 18 months, rerun debt service at current rates, and talk to lenders early. Confirm terms with your lender and counsel. ## Sources 1. [Daily Treasury Par Yield Curve Rates, September 2026](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202609) — U.S. Department of the Treasury 2. [Federal Reserve issues FOMC statement](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm) — Federal Reserve Board 3. [Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) — Freddie Mac 4. [Mortgage Rates Jump as Markets Price in More Fed Rate Hikes](https://www.redfin.com/news/mortgage-rates-rise-economic-concerns/) — Redfin 5. [Higher Forever: How Surging Treasury Yields Are Impacting Commercial Real Estate](https://commercialobserver.com/2026/09/10-year-treasury-yields-commercial-real-estate/) — Commercial Observer 6. [Mortgage rates have gone wild, so what's next for housing?](https://www.housingwire.com/articles/mortgage-rates-have-gone-wild-so-whats-next-for-housing/) — HousingWire 7. [Are 9% mortgage rates possible?](https://www.housingwire.com/articles/are-9-mortgage-rates-possible/) — HousingWire 8. [U.S. Concession Use Narrows for a Third Month as Discount Depth Barely Moves](https://www.realpage.com/analytics/us-concessions-august-2026/) — RealPage --- Published by the Proppely Research Desk. Canonical: https://www.proppely.com/insights/10-year-treasury-5-24-percent-mortgage-rates-7-landlords