Mortgage applications fall 6% as rates hit highest level in three years
Why this matters
Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. For LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed capital deal value tracked in September 2026: $22B across 46 reported transactions.
Computed from Real Estate Trail’s own tracked coverage
Refinance activity fell 9% week over week and was 56% lower than a year ago
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