New · public loan records

Real rates: what investors actually paid

Advertised “starting at” rates are the best case. This is the other end: the note rate on every DSCR-style investor loan reported to HMDA in 28 of the biggest short-term-rental counties. 2025 originations, county by county.

DSCR-style loans, 2025: 5,182
Median note rate: 7.125%
Middle 50% paid: 6.75%–7.625%
Median over avg. 10-yr Treasury: +2.83 pts

Advertised vs. actually paid

Advertised starting rates sit below what most investors actually paid

Rates change with Treasury yields, so we compare spreads: rate minus the 10-year Treasury. In 2025, the median DSCR-style loan in these counties closed at 2.83 points over that year's average 10-year yield, and the middle half at 2.46–3.33 points. Our site-wide rate estimate is now built from that middle half, so below we compare it with lenders' advertised “starting at” rates and with the editorial assumption we used before.

Our old assumption (retired Oct 19, 2026)10Y + 1.0 to 2.5 pts

Actually paid, 2025HMDA, 5,177 loans · 10th–90th pct, middle half, median

Advertised floors, today“Starting at” rates vs. 10Y 5.10% (Oct 15)

Easy StreetNew SilverKiaviGriffin

Easy Street 5.75% (+0.65) · New Silver 6% (+0.90) · Kiavi 6.25% (+1.15) · Griffin 7.125% (+2.03)

Our old editorial assumption (retired)

What borrowers paid, middle 50%

Lender's own advertised starting rate

What that means today. Our site-wide estimate is now built from this middle half: today's range is 7.56–8.43% (10Y 5.10% on Oct 15, 2026 + 2.46–3.33 pts). Estimate based on what investors actually paid (HMDA 2025 middle half), not a quote. If loans still priced at 2025's median spread, a typical deal would close near 7.93%. That's arithmetic on public numbers, not a forecast. Spreads move too.

Spreads compare each year's HMDA note rates with that year's average daily 10-year Treasury yield (FRED DGS10: 4.21% in 2024, 4.29% in 2025). Loans lock on different days, so this is approximate. Advertised rates are the lenders' own claims (Easy Street Capital 5.75%, New Silver 6%, Kiavi 6.25%, Griffin Funding 7.125%; checked Oct 19, 2026) and usually need top credit, low LTV and points. No third-party modeled rates are used.

What these numbers are (and aren't)

All investor loans, not only STRs. HMDA records whether a home is an investment property, not whether it is rented nightly. These are every reported 1–4 unit, first-lien, 30-year-plus investment-property purchase and refinance in the county, so long-term rentals are included.
“DSCR-style” = loans the lender flagged as primarily for a business purpose with no borrower income or debt-to-income reported, the signature of a DSCR / investor cash-flow loan. It is our filter on public fields, not a label lenders report.
Lagged. 2025 HMDA data (originations Jan–Dec 2025), released by the CFPB/FFIEC in 2026. Rates moved since; use it to see what a typical deal priced at, not as today's quote.
Note rate, not APR. HMDA's interest rate is the note rate at closing (the starting rate for ARMs). It excludes points and fees; for business-purpose loans HMDA doesn't report APR spread, points or loan costs.
Not every lender reports. Lenders below the HMDA reporting threshold (25 closed-end loans in each of the prior two years), many private and hard-money lenders, and brokers (the lender that made the credit decision reports the loan) don't appear. Of the 26 lenders we track, 12 have no 2025 HMDA filing we could match by legal name: Visio Lending, New Silver, Defy Mortgage, Truss Financial Group, America Mortgages, Newfi Wholesale, Quickline Capital, Uncapco Financial, 1st Nationwide Mortgage, Certain Lending, Easy Lending USA, Lendmire.

28 STR markets

Median rate by county, 2025

Dot size = DSCR-style loan count. Color = median note rate. Click a county for its full breakdown.

Download CSV

6.875%7.5%median, 2025

Every county, sortable

Click a column to sort. Rates are DSCR-style loans; “All investor” adds investor loans underwritten on personal income.

Sort by

							Top lender
Phoenix & Scottsdale, AZMaricopa County · metro	1,137	7.125%	6.75%–7.625%	−0.50 pts	+54%	7% n=5,570	Champions Funding, LLC · 145
Kissimmee (Orlando vacation homes), FLOsceola County	810	6.999%	6.75%–7.5%	−0.38 pts	-7%	7.125% n=1,801	A&D Mortgage LLC · 185
Joshua Tree & Big Bear, CASan Bernardino County · metro	600	6.99%	6.625%–7.5%	−0.51 pts	+29%	7.125% n=2,454	East West Bank · 101
Palm Springs & Coachella Valley, CARiverside County · metro	575	7.125%	6.75%–7.625%	−0.50 pts	+15%	6.999% n=2,913	HomeXpress Mortgage Corp. · 59
Myrtle Beach, SCHorry County	320	7.375%	6.99%–7.75%	−0.38 pts	+71%	7.375% n=1,366	Angel Oak Mortgage Solutions LLC · 76
Gatlinburg & Pigeon Forge, TNSevier County	188	7.25%	6.875%–7.5%	−0.38 pts	+12%	7.125% n=822	Newrez LLC · 26
Panama City Beach, FLBay County	184	7.25%	6.875%–7.5%	−0.50 pts	+52%	7.25% n=571	Crosscountry Mortgage, LLC · 37
Galveston, TXGalveston County	177	7.374%	6.875%–7.75%	−0.38 pts	+82%	7.25% n=556	Champions Funding, LLC · 20
Destin & Fort Walton Beach, FLOkaloosa County	126	7.125%	6.75%–7.5%	−0.38 pts	+80%	7.25% n=360	Crosscountry Mortgage, LLC · 15
Poconos, PAMonroe County	117	7.5%	7.124%–7.875%	−0.49 pts	+31%	7.375% n=464	Champions Funding, LLC · 14
30A & Miramar Beach, FLWalton County	112	7%	6.75%–7.5%	−0.39 pts	+47%	7% n=453	Crosscountry Mortgage, LLC · 29
Gulf Shores & Orange Beach, ALBaldwin County	99	7.375%	6.99%–7.625%	−0.19 pts	+13%	7.125% n=550	HomeXpress Mortgage Corp. · 16
Cape May & Wildwood, NJCape May County	96	7.375%	7.075%–7.875%	−0.62 pts	+71%	7.125% n=434	Crosscountry Mortgage, LLC · 11
Maui, HIMaui County	89	7.375%	6.875%–7.625%	−0.25 pts	+82%	7.125% n=311	HomeXpress Mortgage Corp. · 26
Oak Island & Sunset Beach, NCBrunswick County	80	7.124%	6.844%–7.625%	−0.50 pts	+100%	6.99% n=526	Deephaven Mortgage LLC · 12
St. George & Zion, UTWashington County	66	7.25%	6.75%–7.625%	+0.13 pts	+154%	6.99% n=629	Newrez LLC · 21
Asheville, NCBuncombe County	58	7.125%	6.75%–7.368%	−0.63 pts	+132%	6.999% n=284	A&D Mortgage LLC · 5
Cape Cod, MABarnstable County	56	7.125%	6.775%–7.625%	−0.31 pts	+8%	6.876% n=352	RF Renovo Management Company, LLC · 14
New Braunfels, TXComal County	53	7.375%	6.999%–7.75%	−0.13 pts	+39%	6.999% n=233	Champions Funding, LLC · 7
Outer Banks, NCDare County	52	7.374%	6.998%–7.75%	−0.50 pts	+93%	7% n=300	Angel Oak Mortgage Solutions LLC · 10
Ocean City, MDWorcester County	38	7.249%	6.875%–8.844%	−0.94 pts	+46%	7.125% n=296	Deephaven Mortgage LLC · 4
Hot Springs, ARGarland County	32	7.312%	6.99%–7.749%	−0.56 pts	+167%	7.125% n=94	Nfm, Inc · 5
Breckenridge, COSummit County	26	6.875%	6.75%–7.562%	−0.50 pts	+189%	6.875% n=155	Arc Home LLC · 8
Park City, UTSummit County	25	7.375%	6.875%–7.75%	±0.00 pts	+67%	6.99% n=150	Crosscountry Mortgage, LLC · 4
Branson, MOTaney County	24	7.133%	7%–7.656%	−0.62 pts	+118%	7.133% n=72	Table Rock Community Bank · 9
Townsend & Maryville, TNBlount County	15small n	6.99%	6.688%–7.374%	−0.64 pts	0%	7.249% n=109	Deephaven Mortgage LLC · 3
Fredericksburg, TXGillespie County	14small n	7.312%	7.25%–7.705%	−0.69 pts	+250%	7.063% n=52	HomeXpress Mortgage Corp. · 4
Lake of the Ozarks, MOCamden County	13small n	7.375%	7.124%–7.99%	−0.62 pts	+44%	7% n=89	Deephaven Mortgage LLC · 4

Who made these loans in 2025

Top lenders by DSCR-style loan count across all 28 counties. Linked names are lenders we track.

Champions Funding, LLC4267.5%
HomeXpress Mortgage Corp.3687.375%
Crosscountry Mortgage, LLC3437%
A&D Mortgage LLC3216.99%
AmWest Funding Corp2456.875%
Angel Oak Mortgage Solutions LLC2337.249%
Newrez LLC2237.375%
Deephaven Mortgage LLC1857.25%
Nexera Holding LLC1717.375%
Change Lending, LLC1546.99%

Columns: loans · median note rate. Many of these are wholesale non-QM lenders that fund broker-originated loans.

Our tracked lenders in HMDA

14 of our 26 lenders filed 2025 HMDA data under a legal name we could match. Counts are DSCR-style loans in these 28 counties.

A&D Mortgage321 loans · 6.99%
Angel Oak Mortgage Solutions233 loans · 7.249%
Kiavi84 loans · 7.125%
Acra Lending81 loans · 7.625%
Logan Finance53 loans · 7.124%
LendSure Mortgage38 loans · 7.375%
theLender35 loans · 7.375%
LendingOne26 loans · 6.92%
Lima One Capital24 loans · 6.688%
Dominion Financial20 loans · 7.063%
CoreVest Finance15 loans · 7.125%
Griffin Funding4 loans
Easy Street Capital0 in these counties
NQM Funding0 in these counties

No matching 2025 filing: Visio Lending, New Silver, Defy Mortgage, Truss Financial Group, America Mortgages, Newfi Wholesale, Quickline Capital, Uncapco Financial, 1st Nationwide Mortgage, Certain Lending, Easy Lending USA, Lendmire. Brokers and referral sites don't report brokered loans; others may file under a different legal name or fall below the reporting threshold. theLender is a brand of Hometown Equity Mortgage, LLC (NMLS #133519), which files HMDA under that name. Acra Lending is a brand of Citadel Servicing Corporation, which files HMDA under that name.

How we built this

Source

CFPB/FFIEC HMDA Data Browser public loan-level records, 2024 and 2025, pulled county by county. Free and public; field definitions follow the FFIEC LAR data-fields documentation.

Filters

action_taken=1 (originated), occupancy_type=3 (investment property), loan_purpose 1/31/32 (purchase, refinance, cash-out), first lien, 1–4 units, site-built, not reverse or open-end, term ≥ 360 months (drops bridge and fix-and-flip loans).

DSCR-style

Of those, business_or_commercial_purpose=1 with debt_to_income_ratio NA/Exempt and income NA, meaning the lender didn't rely on personal income. Some true DSCR loans are coded otherwise and some of these aren't DSCR loans; treat it as a close proxy.

Rates

interest_rate (note rate). “NA” and “Exempt” values (partially exempt small filers) are excluded, as are values outside 1–20%. We don't use rate_spread: it is NA for business-purpose loans. Medians use all loans; per-lender medians need 5+ rated loans.

Refreshed with npm run pull:hmda (scripted and repeatable). Data pulled Oct 19, 2026. Treasury averages: FRED DGS10. Map: Census county internal points, us-atlas state outlines.

Not a lender or broker. No referral fees. For education only. Figures come from each lender's public pages on the date shown and can change without notice, so verify them with the lender. Rates are estimates, not quotes. How we source data.