Interest Rate Ranges: Quoted Past 60 Days

The last 60 days have seen the trend of short-to-medium-duration U.S. Treasuries and the Secured Overnight Financing Rate (SOFR) continue to march lower as the Federal Reserve Bank continues their slow cuts. Lenders are finishing off their year at all-time low spreads, and with indexes lowering we are finally seeing 5%-handle coupons for some solid loans across all asset classes, including office and hospitality.

We expect Q1 2026 lending to start off very strongly as lenders have fresh allocations and they compete for early loan opportunities. Fannie and Freddie’s substantial multifamily increase to $88 billion each should drive liquidity throughout the market as other lenders compete or stretch into other asset classes or other credit profiles to get their money working.