In the deals I shop, the most common thing stalling people right now is the rent not covering the full payment at the down payment they planned on. Rates get most of the blame, but higher insurance and taxes in a lot of markets hurt the DSCR just as much, and the usual fix is more cash in the deal or a lower price. The investors still buying aren't being timid, they've changed the order of the work. They start from what the rent will carry and work back to an offer, instead of liking the house first and hoping the ratio clears. That habit holds up in any rate environment. A deal that only works if nothing goes wrong wasn't a good deal at a lower rate either.