October 2025 Interest Rate Ranges: Quoted Past 60 Days

Perm spreads continue to hold at record lows across most major asset and lender types. As short-term rates continue their steady, albeit slow, march downwards, all-in coupons continue to improve. Some life insurance companies and agency lenders have slowed closings for the end of the year and are more focused on Q1 2026, while others are pressing forward to pick up market share where their peers have decreased their volume.

CMBS conduit lenders across the board are very active and pools of five-year duration loans are executing exceptionally. They are earning a larger share of multifamily and industrial business due to the ability to push leverage on IO coverage while also seeking to fill out their pools with 20% traditional and medical office.

Bridge financing remains highly liquid for opportunities with solid exits on the horizon, particularly those with lifeco, agency or CMBS payoffs, while bridge-to-bridge executions are seen more frostily for all but the best stories and sponsors.