Current terms, updated monthly
Every number below is from a public source, dated and linked. Ranges are ranges. Where you'd land inside one depends on the sponsor, the leverage and the asset, and that's a conversation, not a number on a page.
Benchmarks
| Index | Value | Source |
|---|---|---|
| 10-year Treasury | 4.96% | US Treasury daily par yield curve 11 Sep 2026 |
| 5-year Treasury | 4.78% | US Treasury daily par yield curve 11 Sep 2026 |
| SOFR, overnight | 3.62% | Federal Reserve Bank of New York 11 Sep 2026 |
| SOFR, 30-day average | 3.65% | Federal Reserve Bank of New York 11 Sep 2026 |
| Prime | 6.75% | Federal Reserve H.15 Sep 2026 |
| Fed funds target | 3.50 to 3.75% | FOMC Sep 2026 |
Recent construction closings
Announced, with terms stated
| Month | Asset | Lender type | Loan to cost | Rate | Structure |
|---|---|---|---|---|---|
| May 2026 | Industrial | Bank | 95% | 5.28% fixed | Construction to permanent |
| Jul 2026 | Multifamily | Bank | 80% | 6.25% | Construction |
| Jan 2026 | Workforce housing | Bank | 70% | 6.75% | Construction to permanent, 5 years, no prepayment penalty |
| Jul 2026 | Multifamily | Debt fund | 88% | Floating | Non-recourse, rate step-down at completion |
| Apr 2026 | Multifamily | Debt fund plus mezzanine | 82% combined | Floating | $56m senior, $12.5m mezzanine, 36 months |
Announced closings, REBusinessOnline, Connect CRE, Commercial Observer and lender releases, Jan to Jul 2026. Outliers are shown because they closed; they are not typical.
Bank appetite
| Measure | Reading | Source |
|---|---|---|
| Construction and land development lending standards | Net 3.7% of banks easing | Federal Reserve Senior Loan Officer Survey, Jul 2026 |
| Demand for construction loans | Net 11.1% of banks reporting weaker demand | Federal Reserve Senior Loan Officer Survey, Jul 2026 |
| Alternative lenders' share of non-agency CRE lending | 53% | CBRE Lending Momentum, Q2 2026 |
One thing worth noticing this month. SOFR is sitting about 130 basis points below the 10-year Treasury. That means a floating-rate bank construction loan is currently cheaper than the fixed-rate loan you would refinance it into. It will not stay that way, and it changes what the right structure is for a project starting in the next six months.
Not published, by design: term SOFR swap curves and construction spreads over SOFR. Both are licensed data. If you need them for a specific deal, ask.