Interest Rate Ranges: Quoted Past 60 Days

The last 90 days have seen a continued tightening in spreads across all asset classes and for both bridge and perm executions. Lender meetings at the Mortgage Bankers Association CREF conference last week indicated that all capital sources have increased their allocations and capacity for new loans and are competing heavily for new business. The recent good economic news in the form of softened inflation and stronger than expected jobs numbers, along with concerns in the equities markets over exposure to AI, have lowered the yield curve on an intraday basis. We expect all-in coupons to steadily improve through the first part of the year as lenders compete for business, as shorter term U.S. Treasuries soften, and the Federal Reserve gears up for their transition to new leadership.