How the rates on this site are built
Every rate here is an index plus a spread. The index is a public number read from its publisher every day. The spread is a range from a dated, named source. Nothing is estimated, and where no source exists the page says so.
The index rates
The site reads these before every build (last build: October 24, 2026) and again from a live endpoint, cached for up to three hours, while you're on a page.
| Series | Latest | Publisher | Stale after |
|---|---|---|---|
| 5-year Treasury | 4.82% (October 23, 2026) | U.S. Department of the Treasury, daily par yield curve rates | 5 days |
| 7-year Treasury | 4.89% (October 23, 2026) | U.S. Department of the Treasury, daily par yield curve rates | 5 days |
| 10-year Treasury | 5.00% (October 23, 2026) | U.S. Department of the Treasury, daily par yield curve rates | 5 days |
| SOFR (overnight) | 3.90% (October 22, 2026) | Federal Reserve Bank of New York | 5 days |
| 30-day average SOFR | 3.89% (October 23, 2026) | Federal Reserve Bank of New York | 5 days |
| Bank prime rate | 7.00% (October 22, 2026) | Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates | 6 days |
Daily rates skip weekends and federal holidays, and each publisher posts a day's value on its own schedule: Treasury the same evening, the Federal Reserve's H.15 the next business day, SOFR the next business morning. So a reading one to four days old is normal. Past five days (six for prime), the page marks it stale with an amber light. If any reading is more than 12 days old at build time (14 for prime), the build stops and nothing is published.
Why not FRED, the St. Louis Fed's popular data service? Its terms of use don't allow display on a commercial website without written permission, so this site goes to the publishers directly. © 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org. This site is not affiliated with the New York Fed.
The spreads
No lender publishes a rate sheet for commercial mortgages, and no government agency tracks commercial mortgage spreads. So each spread range on this site is taken from the most current dated, public source for that lender type, named next to the number wherever it appears:
- Northmarq, Current Rates sheet, figures as of October 21, 2026. A capital markets firm’s published indicative rate sheet (spreads over the term-matched Treasury). Indications only, not a commitment to lend.
- ACLI Commercial Mortgage Commitments, as restated by Nassau CorAmerica (2026 white paper), figures as of December 31, 2025. Life insurance industry averages for newly originated commercial mortgages. ACLI’s own survey is a paid publication; these figures are from a public paper that cites it.
- CRED iQ, CRE loan spreads by property type, figures as of March 31, 2026. Spreads over the 10-year Treasury on 60 to 65% LTV permanent loans, from CRED iQ’s loan analytics. Published April 17, 2026.
- Mortgage REIT quarterly reports (Form 10-Q) for the quarter ended June 30, 2026, figures as of June 30, 2026. Weighted-average cash coupons on the floating-rate loan books of Blackstone Mortgage Trust (+3.13%), KKR Real Estate Finance Trust (+3.0%) and Granite Point Mortgage Trust (S+3.59%), as filed with the SEC. Filings: Blackstone Mortgage Trust 10-Q, KKR Real Estate Finance Trust 10-Q, Granite Point Mortgage Trust 10-Q.
- CBRE Lending Momentum Index, Q2 2026, figures as of June 30, 2026. Averages of fixed-rate, five-to-10-year permanent loans originated or brokered by CBRE, all lender types together. Released August 3, 2026.
- Freddie Mac Multifamily, Optigo Conventional Fixed-Rate term sheet (4/26), figures as of April 1, 2026. Freddie Mac’s published product terms.
- HUD Multifamily Accelerated Processing (MAP) Guide, 2021 revision, figures as of March 19, 2021. HUD’s underwriting rules for FHA-insured multifamily loans (Sections 3.3 and 3.7).
- Interagency Guidelines for Real Estate Lending Policies, 12 CFR Part 365, Appendix A, figures as of October 1, 2026. The supervisory loan-to-value ceilings federal bank regulators set. Banks set their own limits at or below these.
- BMO 2026-C14 Mortgage Trust collateral term sheet (SEC filing), figures as of January 16, 2026. Pool-level averages for a 2026 CMBS conduit deal, as filed with the SEC.
Bank spreads aren't published anywhere, so the site shows no bank range. The loan sizer needs a starting number, so for banks it adds CBRE's Q2 2026 average commercial spread (204 bps, all lender types) to the 5-year Treasury and says so next to the input.
The loan sizer
The sizer takes the smallest loan allowed by three tests: value times the maximum loan-to-value; net operating income divided by the minimum DSCR times the annual loan constant; and net operating income divided by the minimum debt yield. The annual loan constant is twelve monthly payments on a dollar of loan at the given rate and amortization, or the rate itself for interest-only. Where a lender type publishes its limits (Freddie Mac, FHA, federal bank regulators) those are cited. Where it doesn't, the starting limits are averages of loans actually made, from the sources above, and the page labels them that way.
How often this changes
Index rates: every business day. Spreads: when their source publishes again (the Northmarq sheet changes daily and is re-checked weekly; CBRE and the mortgage REIT filings quarterly; the ACLI averages yearly). Each source's date is shown wherever its number is used. Corrections go to hello@commercial.mortgage.