There has been a lot of movement in the bond market lately, and I think some investors underestimate how quickly that can affect financing.

People tend to focus on what the Fed might do next, but longer-term rates can move quite a bit without the Fed changing anything. That can cause pricing on a deal to look different from one week to the next.

For me, the bigger issue isn’t just the rate. It’s what the higher payment does to the exit.

A rental that barely worked at the original refinance assumptions may no longer work if rates move another quarter or half point. The same applies to a flip where the end buyer may have less purchasing power six months from now.

I’m not saying investors should stop buying. I do think deals need a little more room for error right now, especially when the strategy depends on refinancing quickly or selling at the very top of the projected value.

Has the recent rate movement changed what you’re willing to pay, or are you still underwriting deals the same way?