The live benchmark rates for CRE brokers and lenders. Treasury, SOFR, and the spreads that price every deal.
Treasuries set the spine. SOFR swaps price the floating side. Key rates anchor the rest.
| Tenor | Rate | Change |
|---|---|---|
| 1-Month | 3.80% | –0.00 unchanged |
| 3-Month | 3.88% | 0.01 up |
| 6-Month | 3.95% | 0.01 up |
| 1-Year | 4.03% | 0.04 up |
| 2-Year | 4.24% | 0.05 up |
| 5-Year | 4.43% | 0.04 up |
| 7-Year | 4.57% | 0.04 up |
| 10-Year | 4.74% | 0.05 up |
| 30-Year | 5.27% | 0.04 up |
| Tenor | Rate | Change |
|---|---|---|
| 1-Year | 3.95% | 0.01 up |
| 2-Year | 3.78% | 0.02 down |
| 3-Year | 3.71% | 0.03 down |
| 5-Year | 3.74% | 0.02 down |
| 7-Year | 3.85% | 0.02 down |
| 10-Year | 4.02% | 0.03 down |
| Tenor | Rate | Change |
|---|---|---|
| Federal Funds | 3.63% | –0.00 unchanged |
| Prime Rate | 6.75% | –0.00 unchanged |
| 30-Day Avg SOFR | 3.65% | –0.00 unchanged |
| 10Y Tsy (spot) | 4.74% | 0.05 up |
| BSBY (legacy) | Retired | |
A note on accuracy.Treasury and policy rates come from the Federal Reserve's published series. Swap rates are indicative and maintained by hand. Quotes from lenders on a real deal will vary based on sponsor, asset, leverage, and structure. That's where Finance Lobby comes in.
The 10-year Treasury is the spine of long-term CRE pricing. See where it's gone and where lenders are pricing off it today.
There isn't one. Loan size, sponsor, property type, leverage, and term all change the number a lender will quote. The best rate is the one a real lender will close on.
Treasury yields move every minute the bond market is open. Swap rates move with them. Lender spreads adjust as capital flows in and out.
Most commercial loan rates price as a benchmark plus a spread. The benchmark is the lender's cost of capital. The spread reflects risk and profit.
Knowing the benchmark is half the equation. Knowing which spread you can actually win is the other half.
Industrial trades tighter than retail. Office prices wider. Multifamily often gets the cheapest sleeve thanks to agency execution.
Agency, life company, CMBS, bank, debt fund. Each prices the same deal differently. Different cost of capital, different appetite.
When inflation runs hot, Treasury yields climb. When it cools, yields fall and spreads tighten. CPI prints move rates whether the Fed acts or not.
The Fed's policy rate sets the floor for short-term debt. Floating construction and bridge loans feel it first. Long fixed paper feels it through expectations.
Spreads tighten when lenders compete for the same deal. They widen when capital pulls back. A great asset in a thin market still pays more.
A commercial real estate loan is debt secured by income-producing property: multifamily, office, retail, industrial, hospitality, and others. Unlike a residential mortgage, it's underwritten on the property's cash flow first and the sponsor's strength second.
Most loans price as a benchmark plus a spread. The benchmark is a Treasury yield or a SOFR swap. The spread is the lender's charge for risk and profit. Knowing both is how you sanity-check any quote.
SOFR, the Secured Overnight Financing Rate, replaced LIBOR as the standard short-term benchmark. Almost every floating-rate commercial loan written today is priced over SOFR or a SOFR swap.
Fixed locks the rate for the life of the loan, usually pricing off Treasuries. Floating moves with a short-term index (today, SOFR), and typically costs less up front but carries rate risk. Floating rates are standard on bridge and construction debt.
Recourse means the borrower personally guarantees repayment. Non-recourse means the lender's remedy is generally limited to the property, with carve-outs for fraud, bankruptcy, and similar "bad boy" acts. Most CMBS and agency loans are non-recourse.
Permanent loans run 5, 7, or 10 years fixed, usually with 25–30 year amortization. Bridge debt is 1–3 years floating. Construction debt is term-of-build plus a stabilization period. Agency multifamily can stretch to 30 years fixed.
Stabilized assets typically see 60–75% LTV from balance sheet and CMBS lenders, with agency multifamily reaching 75–80%. Bridge and construction lenders often quote on loan-to-cost instead, commonly 65–75% LTC.
DSCR is net operating income divided by annual debt service. Lenders usually require 1.20x–1.35x for permanent debt and tighter for stress-tested floating debt. The lower the ratio, the less margin for error.
Strong, in-place cash flow. Conservative leverage. Experienced sponsorship. Clean reporting. A property in a market lenders want exposure to. Each of those moves the spread down. None of them move the benchmark.
Stabilized multifamily and industrial currently see the deepest capital pools and tightest spreads. Office is the hardest in most markets. Retail and hospitality sit in between, with execution depending heavily on sponsor and location.
Yes, most commercial loans can be refinanced, subject to prepayment terms. Watch for yield maintenance or defeasance on fixed-rate paper, which can make early refis expensive. Floating-rate bridge debt is generally open after a short lockout.
Expect 1–3% of loan amount across lender legal, title, appraisal, environmental, engineering, origination, and recording. Larger and more complex deals trend toward the lower end as a percentage; smaller deals run higher.
A clean permanent loan typically closes in 45–75 days from application. Bridge debt can close in 30 days when needed. Construction loans run longer because of plan and budget review. Agency closings are the most predictable on timeline.
A rent roll, trailing-12 operating statements, a current pro forma, the purchase contract or existing loan documents, sponsor financials and REO schedule, entity organizational documents, and third-party reports once you're under application.
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