Rates
Indicative market context, not a quote
As of August 26, 2026. These are public benchmarks and published industry figures. They are not Capital Market Funds coupons, not a term sheet, and not a commitment to lend.
Market benchmarks
Daily Treasury constant-maturity yields and SOFR from FRED (Federal Reserve Bank of St. Louis), retrieved August 27, 2026.
| Benchmark | Level | Source |
|---|---|---|
| 5-Year U.S. Treasury | 4.37% | FRED DGS5 |
| 10-Year U.S. Treasury | 4.66% | FRED DGS10 |
| SOFR (overnight) | 3.64% | FRED SOFR |
| 30-Day Average SOFR | 3.65% | FRED SOFR30DAYAVG |
How each source is typically quoted
Structure, not a coupon. All-in rates follow the benchmark, the spread the market will actually clear, and the asset.
| Capital source | How it is quoted | Notes |
|---|---|---|
| Agency (Fannie Mae / Freddie Mac) | Typically a spread over Treasuries or SOFR, depending on product | Permanent multifamily. Pricing moves with the curve and with TBA / DUS spreads — not with a webpage coupon. |
| HUD / FHA | Coupon plus mortgage insurance premium, set in the HUD process | Long-term, fully amortizing structures. Timing follows HUD, not a private credit calendar. |
| Life company | Treasury plus spread; rate lock often at application | Core and core-plus cash-flowing assets. Conservative leverage by design. |
| CMBS | Swaps or Treasuries plus the then-current new-issue spread | Conduit and single-asset when life or bank will not stretch on proceeds or structure. |
| Bank / credit union | SOFR, Prime, or a fixed hold, depending on the institution | Relationship and portfolio debt. Covenants and recourse are part of the conversation. |
| Bridge & private | Typically floating over SOFR, plus the private credit spread | Transitional, value-add, and time-sensitive capital sourced from private investors. |
Published Q2 2026 context
CBRE reported that average commercial mortgage interest rates edged down to 5.7% in Q2 2026, from 5.9% a year earlier, on fixed-rate five- to 10-year permanent loans.
Source: CBRE, Commercial Real Estate Lending Fundamentals Remain Strong in Q2 2026
In the same release, CBRE reported commercial mortgage loan spreads of 204 bps and multifamily loan spreads of 162 bps in Q2 2026 (year-over-year tighter by 21 bps and 15 bps, respectively).
Source: CBRE, Q2 2026