This is a partial misunderstanding - the institutional purchasers very much are using debt. But at the level of making an offer, they do so in cash without any

This is a partial misunderstanding - the institutional purchasers very much are using debt. But at the level of making an offer, they do so in cash without any financing contingencies. The models under which they can make profitable purchases does depend upon the prevailing rates, thus precipitating a recent be drop off in institutional purchases.