Investment Grade Capital Markets Rate Report
This page shows the benchmark rates that commercial real estate loans are priced from, updated each business day, and indicative loan rate ranges by lender type, with the date each was last reviewed.
Benchmark Rates
| Benchmark | Latest | One year earlier |
|---|---|---|
| 5-year Treasury | 5.01% | 3.68% |
| 10-year Treasury | 5.24% | 4.12% |
| 30-year Treasury | 5.61% | 4.72% |
| SOFR (Secured Overnight Financing Rate) | 3.87% | 4.20% |
Treasury constant maturity yields and SOFR from the Federal Reserve Bank of St. Louis (FRED), as of October 1, 2026, updated each business day. Fixed-rate commercial loans are typically priced as a spread over a Treasury yield of similar term; floating-rate loans are typically priced over SOFR.
Indicative Loan Rate Ranges by Lender Type
Last reviewed: June 6, 2026. These indicative ranges have not changed since that review. At that review, the 10-year Treasury was 4.55%, the 5-year 4.29%, the 30-year 5.01% and SOFR 3.62%. Benchmarks have moved since then, as the table above shows, so current quotes, especially fixed-rate quotes priced off Treasuries, may differ from these ranges. Request a current quote for any specific loan.
| Loan program type | Indicative rate range (June 6, 2026) |
|---|---|
| CMBS | 6.35% to 7.10% |
| Debt funds | 6.00% to 12.50% |
| Fannie Mae | 5.40% to 6.00% |
| Freddie Mac Optigo | 5.75% to 7.25% |
| HUD 221(d)(4) | 5.50% to 6.25% |
| HUD 223(f) | 5.25% to 6.75% |
| Life insurance companies | 5.50% to 7.25% |
| Regional banks and credit unions | 5.50% to 8.00% |
Source: ranges compiled by Investment Grade from public commercial lending and market data sources as of the review date. They are indicative ranges for quality transactions, not guaranteed pricing for any specific loan. Final terms depend on property type, location, borrower, leverage, recourse, debt yield, occupancy, lease structure and lender appetite at the time of application.
Property Types We Finance
Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for rate and term refinancing, cash-out refinancing and acquisition loans, so you can compare rates, terms and covenants side by side.
NNN
Single-tenant net lease financing for investment grade and non-investment grade tenants and franchisees, from retail and quick-service restaurants to automotive, banks and pharmacies.
Multifamily
Loans for apartment properties from garden to mid-rise, townhomes and mixed use, including active adult, student, affordable and workforce housing and build-to-rent.
Industrial
Financing for flex and R&D, manufacturing, warehouse and cold storage properties.
Healthcare
Loans for medical offices, urgent care, ambulatory surgery centers, dialysis and dental clinics, and assisted living, skilled nursing and memory care.
Hospitality
Refinance, cash-out and acquisition loans for full-service, limited-service and extended-stay hotels, flagged and independent.
Special use
Financing for automotive service, dealerships, car washes, gas stations and convenience stores, child care centers and restaurants.
Get a Current Rate Quote
Every property and borrower is different, and every bank, credit union, life company, debt fund, agency and private lender has different targets. Investment Grade Capital works with commercial real estate borrowers from about $1 million to $100 million on acquisitions, recapitalizations, rate and term refinancing and cash-out refinancing.
Email team@investmentgrade.com with a summary of your property and financing needs.