Interest rates reached their nadir in early May and are on the rise. Already at its highest level in two years, the benchmark ten-year Treasury is now moving towards 3.0 percent, more than double its all-time low. There’s no surprise in the current trend; it was simply a question of when the unsustainable distortions would subside. For investors and their financiers, there are now two main issues: how far and how fast the rate environment will swing; and how the change will impact property investment.

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