Interest Rate Ranges: A Look Back Since 2019
This month, we’re taking a break from our usual 60-day rate range report to look back at how perm fixed-rate pricing has moved over the past seven years — both from a property-type standpoint and a lender-type standpoint. The story that emerges from our proprietary quote book of over 21,000 quotes isn’t about any single headline rate. It’s about how the shape of the market has changed, and where best execution lives today.
Perm fixed-rate quote ranges, all property types, 2019 through 2026 YTD.
By property type, the arc will look familiar to anyone who lived through it: tight bands in the low-to-mid 3% through 2019–2021, a rapid widening through 2022, and a new equilibrium that has held in the 5.5–7% range since 2023. But the divergence across asset classes is the real story. Multifamily and industrial have held the best floors throughout the cycle — multifamily bottomed at 4.89% in 2026 YTD on agency execution, and industrial at 5.27% through the life insurance market. Office now carries the widest pricing band, a visible reflection of the risk premium lenders and sponsors are still sorting out. Hospitality, meanwhile, has traced the most volatile path of any sector — effectively absent from the quote book in 2020, then repricing sharply from 2022 onward.
Rate ranges broken out by property type, 2019 through 2026 YTD.
On the lender side, the story is the reordering of who has the lowest rate. Banks were competing aggressively through 2021 with quotes starting below 2.50%; today their floor sits in the high 4% range and the most competitive pricing has moved to life companies and the agencies. CMBS has remained the widest-banded segment throughout, true to its structure.
Rate ranges broken out by lender type, 2019 through 2026 YTD.
The takeaway for borrowers today: best execution is back to working with an advisor who understands the market and which lenders to go to. The ~100+ bps spread between the best and the median quote inside most property types means the value of engaging with a market expert is higher than it has been at any point since 2021.
Chart notes: Bars span the absolute low to the absolute high of every perm fixed-rate quote Slatt Capital issued that year, with the white notch marking the median. Filters applied: loan size ≥ $2M, fixed period ≥ 5 years; excludes flagged outliers and private / hard-money lenders.