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The Harpoon Capital DSCR Loan Rate is a daily index of business-purpose DSCR loan pricing. Each business day we price the same baseline investor scenario across our DSCR loan programs and publish the average 30-year fixed note rate. Because the scenario never changes, the day-to-day movement shows how DSCR loan pricing is actually trending.
To see how a DSCR loan rate is set, from your loan's underwritten risk to overall market rates, read how DSCR lenders determine your interest rate and terms in our DSCR Loans Guide.
DSCR Loan rates usually run above conventional rates because the loan qualifies on the property's rent instead of the borrower's tax returns, and because DSCR Loans are sold to private non-QM investors rather than Fannie Mae and Freddie Mac. The gap is smaller than most investors expect: the Freddie Mac average is a primary-residence rate, and a conventional loan on a rental property adds its own investment-property pricing adjustments on top of it.
| Loan type | Rate today | Qualifies on | Prepayment penalty |
|---|---|---|---|
| Harpoon Capital DSCR Loan Rate (30-year fixed, 75% LTV, 760 FICO, 1.25x DSCR) | 7.27% | Property rent, no tax returns | Optional, lowers the rate |
| Conventional 30-year fixed, Freddie Mac weekly average (primary residence) | 7.18% | Personal income and tax returns | None |
| Conventional loan on a rental property | Above the Freddie Mac average | Personal income, plus investment-property pricing adjustments | None |
Conventional figure: Freddie Mac Primary Mortgage Market Survey, 30-year fixed weekly average, updated each Thursday. The DSCR figure is today's Harpoon Capital DSCR Loan Rate. A conventional loan on a rental property adds agency pricing adjustments for investment properties, so the real gap is usually larger than these two numbers suggest.
DSCR loans are priced off investor demand for non-QM mortgage bonds, so they generally follow the broader bond market rather than the Fed funds rate directly. Within any given day, your rate depends on your scenario.
DSCR Loan rate = the base rate set by investor demand for non-QM mortgage bonds + loan-level adjustments for DSCR, LTV, credit score, property type and prepayment term.
The loan-level side is covered step by step in the DSCR Loans Guide, from the base rate stack to LLPAs and overlays. The market side, and how to follow it yourself, is in How To Track DSCR Loan Interest Rates and DSCR Loan Rates Over Time.
Every business day's reading of the Harpoon Capital DSCR Loan Rate, newest first. Because the scenario never changes, the movement from day to day is a clean read on where DSCR Loan pricing is heading. The index began on November 5, 2026; a chart will appear once there is a month of readings. For the longer story, from the sub-4% rates of 2021 to the 8% peak of late 2023, read DSCR Loan Rates Over Time in the DSCR Loans Guide.
The Harpoon Capital DSCR Loan Rate is the same index in every state we lend in, because DSCR Loans are priced off the national non-QM bond market rather than local banks. Quotes still differ by state, mostly because of state rules on prepayment penalties: where a prepayment penalty is restricted or not allowed, the no-prepay option carries a higher rate, and loan size minimums and property rules can shift pricing in a few states. Each state page below covers the local rules, the markets we see the most deals in, and recent fundings.
Today's Harpoon Capital DSCR Loan Rate is shown at the top of this page. Borrowers with higher DSCR, lower leverage and stronger credit can price below the index, while higher leverage, lower DSCR or no prepayment penalty typically price above it.
Usually, yes. DSCR loans qualify on the property's rental income instead of personal income or tax returns, and that flexibility typically carries a modestly higher rate than an agency investment property loan.
In most cases, yes. Choosing a longer prepayment penalty term generally lowers the rate, and choosing no prepayment penalty generally raises it.
Each business day, using that day's pricing.
No. It is an index for information only. Your actual rate depends on your full scenario and is confirmed in a written quote.
Today's Harpoon Capital DSCR Loan Rate is at the top of this page: a 30-year fixed purchase at 75% LTV, 760 FICO and 1.25x DSCR. Your own rate lands above or below the index depending on credit score, leverage, DSCR, property type, prepayment term and loan size.
There is no published national average for DSCR Loans the way Freddie Mac publishes one for conventional mortgages, which is why we publish this index. The Harpoon Capital DSCR Loan Rate is the average across our DSCR Loan programs for one fixed scenario, recalculated every business day, and the history table above shows how it has moved.
The Floor Rate at the top of this page is the lowest note rate currently available through Harpoon Capital, for the strongest scenario: low LTV, high credit score, strong DSCR, a longer prepayment penalty and a point paid at closing. Most investors land between the Floor Rate and the index.
Most DSCR Loans are 30-year fixed and fully amortizing, which is what the index tracks. Hybrid ARMs and interest-only options are available on select programs at a different rate, and the trade-offs are covered in DSCR Loan Rate Structure in the DSCR Loans Guide.
A rate-and-term refinance usually prices close to a purchase at the same LTV, credit and DSCR. A cash-out refinance typically prices higher, because lenders apply a cash-out adjustment and often cap LTV lower; the difference between the two is explained in DSCR Loan Purpose Basics.
The index is a 30-year fixed DSCR Loan rate, so the number at the top of this page is the answer for the baseline scenario. Thirty-year fixed, fully amortizing is the standard DSCR Loan structure; interest-only and 40-year variations are priced from the same base with adjustments.
The index is national, but quotes differ by state. The main reason is state law on prepayment penalties: where a penalty is restricted or not allowed, the no-prepay option carries a higher rate. The state list above links to the rules for each state we lend in.
Yes. Paying discount points at closing lowers the note rate, and taking a lender credit raises it; the index assumes 1 point of origination and no discount points. Whether a buydown pays off depends on how long you expect to hold the loan before selling or refinancing.
The Harpoon Capital DSCR Loan Rate is a daily index of business-purpose DSCR loan pricing. It is not an advertisement of terms available to any specific borrower, an offer to lend, or a commitment to lend. It is the average 30-year fixed note rate available across Harpoon Capital's DSCR loan programs for one baseline scenario: purchase of a single-family long-term rental, 75% LTV, 760 FICO, 1.25x DSCR, $400,000 loan amount, 5-year prepayment penalty, 45-day rate lock, 1 point origination fee and no discount points. The index is not an APR. Your rate will differ based on credit, leverage, DSCR, property type, location, loan amount, prepayment term, lock period and market conditions. Rates update each business day and may change without notice. Loans are for business purposes only, for non-owner occupied investment properties, and are not available for personal, family or household purposes. Harpoon Capital LLC, NMLS #2815329.
DSCR loans for real estate investors, near nationwide.
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