Interest Rate Ranges: Quoted Past 60 Days

The last 60 days have continued the trend of ultra-low spreads and rebounding U.S. Treasuries. All lenders are flush with cash and are competing for the highest-quality deals, while higher-risk properties are receiving less interest. Floating-rate loans, and indexes most exposed to the Fed Funds rate, are particularly sensitive to the recent flattening of the yield curve. A stronger-than-expected jobs report and concerns over near-term persistent inflation continue to drive overall loan coupons to higher levels, with many recent 2026 quotes matching those from the same quarter in 2025. We expect overall rates to remain flat through most of the year, with spreads gradually widening starting in early Q3.