Economy
From interest rates to inflation, understand the impact of macroeconomic trends on the real estate capital markets.
The Beyond Insights series aims to deliver timely economic and market-driven insights to better inform your commercial real estate investment decisions.
Markets
From local market rents to cap rates, catch up on the latest capital markets insights.
Learn moreU.S. ECONOMIC MACRO COMMENTARY & INSIGHTS
The Fed Paused, but Borrowing Costs Remain Elevated
- The Fed held rates steady, but longer-term Treasury yields remain elevated as the curve steepens.
- Freddie Mac 10-year A2 spreads have widened 11 basis points from their June lows, removing some of the cushion that had helped offset higher Treasury yields.
- For CRE borrowers, a Fed pause does not necessarily translate into lower all-in borrowing costs.
The Federal Reserve held the federal funds rate at 3.75% to 4.00% this week, as widely expected. But borrowing costs didn’t follow. Long-term Treasury yields remain elevated, even after rallying off their recent highs, while agency spreads have moved wider. For commercial real estate, an unchanged Fed has not translated into cheaper financing.
10-Year Treasury Yield
2026 Mid-Year Multifamily Pulse Survey
We surveyed more than 100 of our trusted clients across various companies for our second-annual Mid-Year Multifamily Pulse Survey with the goal of providing a comprehensive view of current market sentiment.
2026 Multifamily Investor Sentiment Survey
In December 2025, we surveyed over 250 of our trusted clients from various companies, with most holding senior-level titles, for our second annual Multifamily Investor Sentiment Survey. Our goal is to provide a comprehensive view of current market sentiments to our clients, and we plan to share our findings in our detailed report.
Berkadia FHA/HUD: 2026 FHA Conference
More than 120 members of Berkadia’s FHA/HUD platform recently gathered in St. Louis, Missouri, for three days of collaboration, learning, and strategic alignment. The conference highlighted the strength of Berkadia’s team, the momentum across the business, and the platform’s continued focus on delivering exceptional outcomes for clients and communities. Throughout the event, leaders and team…
Powell’s Finale – The April FOMC Meeting
Markets entered the April Federal Open Market Committee (FOMC) meeting focused on the same issue that had dominated for years—the timing of rate cuts. They left with a more important message: the Fed is no longer guiding toward easing. The Federal Reserve held its benchmark rate unchanged at 3.50%–3.75%, but the headline decision obscures the…
Open Sesame? Reopening of the Strait of Hormuz Eases Oil Prices and Fed Nerves Alike
Markets received long-awaited relief Friday morning after Iran announced that the Strait of Hormuz was “completely open” for commercial vessels—a development that immediately unwound some of the largest geopolitical risk premium embedded in global energy markets. The move marks an important de-escalation after nearly seven weeks of extraordinary volatility. Since late February, the closure of…