CAP RATES: LATEST TRENDS & ACTIVITY

When Forged Real Estate (FRE) released its 10-Year Treasury and Historical CAP Rate Spreads report in May 2024, the average 10-Year Treasury rate for that month was 4.52%. Nearly a year later, as of April 2025, the monthly average has declined to 4.26%—a drop of 26 basis points. Despite this decline, as shown in this report, CAP rates have increased over the same period. Download the latest report from Forged Real Estate for a deeper look into these evolving trends.