Commercial Real Estate Loan Rates for October 2026
Live commercial loan rates across every program PeerSense covers. Rates indicative as of July 2026, refreshed weekly from real lender quotes across 899+ active lenders. Base rates sourced from Federal Reserve H.15, MBA CREF, and Trepp.
Live benchmark rates on October 7, 2026
The benchmark board refreshes daily. On October 7, 2026, it displays current percentages, movement over the past 30 days, and a sparkline for each benchmark.
| Benchmark | Latest value | Change in percentage points | 30 day trend |
|---|---|---|---|
| SOFRAs of October 6, 2026 | 3.90% | +0.25 | |
| Term SOFRAs of October 7, 2026 | 3.80% | +0.15 | |
| Prime rateAs of October 2, 2026 | 7.00% | +0.25 | |
| Fed funds rateAs of October 5, 2026 | 3.88% | +0.25 | |
| 1 year TreasuryAs of October 5, 2026 | 4.47% | +0.34 | |
| 5 year TreasuryAs of October 5, 2026 | 5.06% | +0.52 | |
| 10 year TreasuryAs of October 5, 2026 | 5.31% | +0.53 |
Benchmark data dated October 7, 2026 comes from Federal Reserve H.15, FRED, CME Term SOFR, and the New York Fed.
Published rate range
| Product | Rate range |
|---|---|
| Multifamily loans | from 5.99% |
| Commercial real estate loans | from 6.35% |
| DSCR loans | 5.80% to 9.50% |
| Bridge loans | 8.99% to 14.00% |
| SBA 7(a) variable rate loans | 9.50% to 11.75% |
| SBA 504 fixed rate loans | 6.00% to 7.00% |
This indicative range comes from dated lender quotes in the PeerSense network snapshot, is not a quote or offer of credit, and final terms are set by the capital source.
Sources: Federal Reserve H.15, MBA CREF Quarterly, Trepp CMBS Delinquency, SBA 7(a) Lender Match
What are current commercial lending rates as of July 2026?
As of July 2026: SBA 7(a) 9.50 to 11.75% variable, SBA 504 5.50 to 6.50% fixed, CMBS conduit 5.60 to 7.10% (10 yr fixed), DSCR investor 5.95 to 8.50%, bridge 9.00 to 14.00%, equipment 5.50 to 12.00%. Base rates: Prime 6.75%, 10 yr Treasury 4.38%, 1 mo SOFR 4.32%.
, PeerSense Capital Advisory · Updated July 2026
Today's Commercial Lending Rates by Program, July 2026
As of
| Program | Current Rate | Term |
|---|---|---|
| SBA 7(a) Variable | 9.50 to 11.75% | Up to 25 yr |
| SBA 504 (CDC portion) | 5.50 to 6.50% | 20 to 25 yr fixed |
| CMBS Conduit | 5.60 to 7.10% | 10-yr fixed |
| DSCR Investor | 5.95 to 8.50% | 30-yr fixed |
| Bridge Loans | 9.00 to 14.00% | 12 to 36 mo |
| Equipment Financing | 5.50 to 12.00% | 3 to 10 yr |
| Commercial Real Estate (Conv.) | 6.25 to 9.00% | 5 to 25 yr |
| Mezzanine Debt | 11.00 to 18.00% | 3 to 7 yr |
- SBA 7(a) Variable9.50 to 11.75%
- Term
- Up to 25 yr
- Loan Size
- $50K to $5M
- Best For
- Acquisitions, working capital, goodwill
- SBA 504 (CDC portion)5.50 to 6.50%
- Term
- 20 to 25 yr fixed
- Loan Size
- $125K to $5.5M
- Best For
- Owner occupied CRE + heavy equipment
- CMBS Conduit5.60 to 7.10%
- Term
- 10-yr fixed
- Loan Size
- $10M to $500M+
- Best For
- Stabilized CRE, non recourse
- DSCR Investor5.95 to 8.50%
- Term
- 30-yr fixed
- Loan Size
- $100K to $3M
- Best For
- 1 to 4 unit rental, qualifies on cash flow
- Bridge Loans9.00 to 14.00%
- Term
- 12 to 36 mo
- Loan Size
- $10M to $100M+
- Best For
- Value add, pre stabilization, transitional
- Equipment Financing5.50 to 12.00%
- Term
- 3 to 10 yr
- Loan Size
- $10M to $50M+
- Best For
- New/used equipment, Section 179
- Commercial Real Estate (Conv.)6.25 to 9.00%
- Term
- 5 to 25 yr
- Loan Size
- $10M to $25M
- Best For
- Investor CRE, owner occupied, mixed use
- Mezzanine Debt11.00 to 18.00%
- Term
- 3 to 7 yr
- Loan Size
- $10M to $50M
- Best For
- Capital stack fill, subordinate to senior
Rates indicative based on July 2026 quotes across 899+ active lenders. Borrower-specific pricing depends on credit, collateral, term, sponsor track record, and lender. Base rates: Prime 6.75% (Federal Reserve H.15), 10-yr Treasury 4.38%, 1-mo SOFR 4.32%, MBA CREF Index July 2026.
What Changed (July 2026)
- 10 yr Treasury near 4.38%, down modestly from 4.45% earlier in the year. CMBS spreads held near +78 bps, keeping conduit fixed rates broadly stable across most property types.
- Prime rate held at 6.75%, Fed paused after March meeting. SBA 7(a) variable rates unchanged; forward curve implies 25 to 50 bps cut probability through year end.
- DSCR floor rates dropped to 5.95%. Top tier institutional non QM programs repriced their best band (760+ FICO, 1.25x+ DSCR) 10 to 20 bps tighter as MBS spread compression filtered through.
Drill into Today's Rates by Program
Each rate page below carries program specific structure, lender quote backed ranges, FAQ, and source citations.
Today's SBA Loan Rates
5.50 to 11.75%SBA 7(a) variable + fixed, 504 CDC, Express, MARC
Today's CMBS Rates
5.60 to 7.10%10 yr non recourse fixed by property type
Today's DSCR Loan Rates
5.95 to 8.50%30 yr fixed rental investor by FICO + DSCR
Today's Bridge Loan Rates
9.00 to 14.00%Transitional 12 to 36 mo, SOFR + spread
Today's CRE Rates
6.25 to 9.00%Conventional CRE, full doc, by property type
Today's Equipment Financing Rates
5.50 to 12.00%Loan, lease, SBA 504, vendor | Section 179 eligible
Today's Construction & Ground Up Rates
9.50 to 13.50%Ground up + construction bridge, drawn on cost / ARV
Today's Mezzanine Rates
11.00 to 18.00%Subordinate capital stack fill, cash + PIK + warrant
Today's Invoice Factoring Rates
0.5 to 3.5% / 30dB2B receivables advance by industry + advance rate
Frequently Asked Questions About Current Rates
What are current commercial lending rates in July 2026?+
As of July 2026: SBA 7(a) variable 9.50 to 11.75%, SBA 504 CDC portion 5.50 to 6.50% fixed, CMBS conduit 5.60 to 7.10% (10 yr fixed), DSCR investor 5.95 to 8.50% (30 yr fixed), bridge loans 9.00 to 14.00% all in, equipment financing 5.50 to 12.00%, mezzanine 11.00 to 18.00%. Base rates: Prime 6.75%, 10 yr Treasury 4.38%, 1 mo SOFR 4.32%.
Which commercial loan has the lowest rate today?+
SBA 504 CDC portion at 5.50 to 6.50% fixed has the absolute floor, but it's only available for owner occupied real estate or heavy equipment with 10% borrower equity. For investor CRE, CMBS multifamily and industrial start at 5.50 to 6.30% (10 yr non recourse fixed). DSCR rental loans bottom at 5.95% for top tier 1 to 4 unit investor deals.
Are commercial loan rates going up or down in 2026?+
Through mid 2026, rates held near spring levels. The 10 yr Treasury is 4.38%, down modestly from 4.45% earlier in the year. CMBS AAA spreads near +78 bps. CMBS issuance hit $125.6B in 2025, highest since 2007, signaling deep market liquidity. Forward curves imply modest movement through year end depending on Fed policy.
How often are PeerSense rates updated?+
Weekly. We pull active lender quotes across our 899+ lender network every Monday. Base rates (Prime, SOFR, 10 yr Treasury) are sourced daily from Federal Reserve H.15. CMBS spread data from Trepp. Multifamily agency from MBA CREF Quarterly. Last update: July 2026.
What's the difference between SBA, CMBS, and bridge rates?+
SBA (7(a)/504) is government guaranteed for businesses ≤$5M, with 7(a) variable at Prime + 2.25 to 2.75% and 504 fixed 5.50 to 6.50%. CMBS is non recourse, securitized 10 yr fixed for $5M+ stabilized CRE at 5.60 to 7.10%. Bridge is short term (12 to 36 mo) transitional at SOFR + 470 to 970 bps for value add or pre stabilized.
What is the current Prime rate (July 2026)?+
Prime rate is 6.75% as of July 2026 (Federal Reserve H.15). Prime drives most SBA 7(a) variable rate pricing, business credit lines, and many small business term loans. Fed has held Prime steady through Q1 2026; forward curve implies one to two 25 bps cuts possible in H2.
What is the current 10 year Treasury yield?+
10 yr Treasury yield is 4.38% as of July 2026, down from 4.45% in early March. The 10 yr is the primary base rate for CMBS conduit pricing, life company permanent loans, and most 10 yr fixed CRE financing. CMBS spreads currently +175 to 275 bps over the 10 yr depending on property type.
Where can I get a customized rate quote?+
Submit your deal profile via PeerSense and we'll route to 3 to 5 matching lenders simultaneously. Most respond after the file is on the desk with indicative pricing; full LOIs typically follow within 5 to 10 business days. We do not list specific lender rates without explicit consent, pricing is matched to your deal at engagement.
See Related Rates by Program
PeerSense covers the full commercial capital stack. These are indicative levels direct capital sources have been pricing across these programs as of October 1, 2026.
Originator warehouse
$100M a monthFocus $100 million a month. Will look at $10 million a month. $10 million is not the focus.
Invoice Factoring
0.5 to 3.5% / 30dB2B invoices from $20 million a month. Advance 80 to 95 percent of face.
CMBS Conduit
5.60 to 7.10%10 year Non Recourse fixed, $10 million and up, fully assumable
Bridge Loans
9.00 to 14.00%$10 million and up. Cash in about 35 percent. Name the takeout first.
Data Center
CRS to 89%$1 billion to $30 billion plus. Signed or guaranteed hyperscaler lease.
Contracted revenue sale
Up to 89%15 year lease signed or guaranteed by a hyperscaler. Size follows the lease.
Hotel Financing
SearchHotel financing is search only for $10 million and up, with cash in about 35 percent.
Private Credit
7.80 to 18.00%Non bank flexibility for commercial real estate at $10 million and up.
SBA 7(a) & 504
SearchSearch path. Not a growth lane on this desk.
Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Editorial integrity: Rates compiled by PeerSense Capital Advisory. PeerSense sources capital through a curated network of commercial lenders and capital sources. Content is for educational purposes and does not constitute financial, legal, or tax advice. Rates and terms reflect approximate July 2026 market conditions and may not reflect current conditions at time of reading. Consult a qualified financial professional for transaction specific guidance.