Interest Rate Ranges: Quoted Past 60 Days

The last 60 days spanning the holiday season kept spreads under relatively stable all-time lows. Fresh allocations in 2026, coupled with substantial increases to some lender’s goals (Fannie Mae/Freddie Mac, others) have added fuel to the fire to keep spreads low for most of the early part of the year, at least. At the same time, the range of spreads across the credit risk spectrum has continued to narrow with riskier loans coming down and the most conservative loans at their floors.

That said, very recent concerns over persistent inflation and global market uncertainty have resulted in a retrenching of short and mid-term U.S. Treasury yields, resulting in an immediate uptick in commercial real estate rate locks for CMBS, agency, and life insurance companies who set their fixed rates against Treasury indexes. Those moves may prove temporary as the 24-hour news cycle moves on to new crises.

The CRE Finance market meets for the annual MBA CREF conference after the “Big Game,” and everyone will be testing the waters with their new pricing; we expect spreads to contract slightly across all lender types just after that conference.