November 2025 Interest Rate Ranges: Quoted Past 60 Days

With the federal government shutdown now wrapped up, and widespread concerns over the health of the job market, the market for interest rates has been strangely quiet. The last 60 days have seen perm, bridge, and construction financing spreads stabilize at still all-time lows. Meanwhile, short-duration 3- and 5-year U.S. Treasuries have entrenched 8-10 basis points (bps) higher on a flattened yield curve, with only slight intra-day variation in the 2-10 bps range depending on near-term Federal Reserve actions and macro market forces. Investments in 10-year U.S. Treasuries are reacting risk-on with expectations of persistent inflation driving longer duration bonds. We expect short-term U.S. Treasuries to continue their slow downward march, though a cut in December and several next year are already likely priced in and secular worries can move them against borrowers.

Markets remain highly liquid with even more liquidity on the horizon as lenders look to start off their years with refreshed 2026 allocations just 45 days away. End-of-year closings are busy and any new deals that must be closed prior to December 31st will price wider to compensate lender efforts.