Market Data
Commercial Real Estate Loan Rates Today
Commercial mortgages price as index plus spread. The benchmarks below refresh each business day from the U.S. Treasury and the Federal Reserve Bank of New York; spread ranges reflect indicative pricing we see on live term sheets from our 50+ direct lender relationships.
How to read a commercial loan quote
A conduit lender quoting “10-year Treasury plus 215” at a 4.60% Treasury is quoting a 6.75% coupon. A bridge lender quoting “SOFR plus 375 with a 3.50% floor” is quoting a floating coupon that resets monthly and cannot price below 7.25%. Spread — not the index — is where negotiation happens, and it moves with leverage, debt yield, asset type, and sponsor track record.
Every basis point compounds. On a $25 million loan, 25 basis points is $62,500 per year — roughly $625,000 across a 10-year term. We run a competitive process across 50+ lenders precisely to compress that spread.
Frequently Asked Questions
What are current commercial real estate loan rates?
Commercial mortgage rates are quoted as a spread over an index. Fixed-rate CMBS, life company and agency loans price over the matching Treasury; floating bridge and construction loans price over 30-day Term SOFR. The benchmark table on this page updates daily from the U.S. Treasury and the New York Fed, and the spread ranges reflect current indicative market pricing.
How is a commercial mortgage rate calculated?
Rate equals index plus spread. A conduit loan quoted at 10-year Treasury plus 210 basis points prices at the current 10-year yield plus 2.10%. Spread depends on leverage, debt yield, asset type, market, and sponsor strength.
What is a basis point?
One basis point is one hundredth of a percent. A 250 basis point spread equals 2.50% added to the index.
Are hotel loan rates higher than multifamily rates?
Yes. Hotels are operating businesses with daily-repricing revenue, so lenders require wider spreads and lower leverage than stabilized multifamily, which also benefits from agency execution through Fannie Mae and Freddie Mac.
How often does this page update?
Treasury and SOFR benchmarks refresh automatically each business day. Spread ranges are indicative and reviewed regularly — a term sheet is the only binding quote.
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Get Financing QuoteRates shown are indicative market data for informational purposes only and are not an offer to lend. Actual pricing is set by the lender in a signed term sheet.