10-year Treasury
5.00%
−9 bp from a week earlier
As of Oct 23, 2026. U.S. Department of the Treasury, daily par yield curve rates
Commercial real estate, in numbersPage built October 24, 2026
Commercial Property Today
The numbers that move commercial real estate, on one page, each with its date and its source. Rates refresh every business day; everything else updates when its publisher does.
This week's note
Week ending October 23, 2026: the 10-year slips to 5.00%
The 10-year Treasury ended the week at 5.00%, 9 bp lower, after peaking at 5.31% on October 5. Mortgage rates eased and CMBS delinquency edged up.
Rates
2-year Treasury
4.69%
−5 bp from a week earlier
As of Oct 23, 2026. U.S. Department of the Treasury, daily par yield curve rates
Yield curve, 10-year minus 2-year
31 bp
10-year 5.00%, 2-year 4.69%
As of Oct 23, 2026. U.S. Department of the Treasury, daily par yield curve rates
SOFR (overnight)
3.90%
+1 bp from a week earlier
As of Oct 22, 2026. Federal Reserve Bank of New York
30-year fixed mortgage (residential, for context)
7.32%
−8 bp from a week earlier
As of Oct 22, 2026. Freddie Mac, Primary Mortgage Market Survey
Fed funds target range
3.75% to 4.00%
Raised 25 bp on September 16, 2026 (12-0 vote)
The first increase since 2023; every 2026 meeting through July held the range at 3.50% to 3.75%. Next meeting: October 27 to 28.
As of September 16, 2026. Federal Reserve, FOMC statement
Bank CRE credit
Bank CRE loan delinquency rate
1.53%
−3 bp from Q1 2026
CRE loans excluding farmland, all U.S. commercial banks, seasonally adjusted.
As of Q2 2026. Federal Reserve Board, Charge-Off and Delinquency Rates
Bank CRE net charge-off rate
0.14%
Annualized, CRE loans excluding farmland, all commercial banks, seasonally adjusted.
As of Q2 2026. Federal Reserve Board, Charge-Off and Delinquency Rates
Noncurrent bank CRE loans, by type
1.23%
Office, retail, industrial and other nonresidential (−6 bp from Q1 2026)
Multifamily 1.09%. Construction and land 0.98%. Noncurrent = 90+ days past due or nonaccrual, as a share of loans, summed across 4,313 banks' call reports (our calculation).
As of Q2 2026. FDIC BankFind Suite, call report data
CMBS
CMBS delinquency rate (30+ days)
7.7%
+9 bp from August (7.6%)
Distress rate, delinquent plus current but in special servicing: 10.3% (down 4 bp).
As of September 2026. KBRA, CMBS Loan Performance Trends (KBRA-rated U.S. private-label CMBS)
Private-label CMBS issuance, year to date
$103.5bn
+11.9% from the same period of 2025
September alone: 19 deals, $13.3bn (18 single-borrower, one conduit).
As of Through September 2026. KBRA, CMBS Trend Watch, September 2026
Prices and cap rates
Commercial property prices (Green Street CPPI)
−0.1%
+4.7% over the past 12 months
Unleveraged values of high-quality U.S. commercial property, month-over-month change.
As of September 2026. Green Street, Commercial Property Price Index press release
Cap rates (CBRE survey)
Flat
All-property average essentially unchanged from H2 2025
Neighborhood retail compressed most, then hotel and industrial. About 60% of respondents expect no change over the next six months; infill multifamily is the most bearish subtype. CBRE’s sector tables are in its full report, which requires a sign-up.
As of H1 2026 (survey taken late June). CBRE, U.S. Cap Rate Survey H1 2026
Cap rates implied by 2026 CMBS appraisals
7.4% to 7.5%
Two 2026 conduit pools, mixed property types
Benchmark 2026-V21: 12.5% NOI debt yield × 59.6% LTV ≈ 7.5%. BMO 2026-C14: 12.7% NOI debt yield × 58.5% LTV ≈ 7.4%.
As of Pools priced January and February 2026. SEC filings (term sheets)
Lending
Commercial and multifamily loan originations
+16%
Year over year; +12% from Q1 2026
By property: retail +61%, office +47%, hotel +19%, multifamily +8%, industrial +6%, health care −19%. By lender: CMBS +68%, banks and thrifts +61%, investor-driven lenders +18%, Fannie and Freddie −17%, life companies −27%.
As of Q2 2026. Mortgage Bankers Association, Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations
Average permanent loan spread
204 bp
Commercial, down 21 bp year over year; multifamily 162 bp
Fixed-rate, five-to-10-year permanent loans CBRE originated or brokered. Average LTV 59.6% (commercial), 63.3% (multifamily); DSCR 1.43; average rate 5.7%.
As of Q2 2026. CBRE Lending Momentum Index, Q2 2026
Bank lending standards for CRE
Easier
Demand basically unchanged
In the Fed’s July 2026 survey, banks "generally reported easier standards and basically unchanged demand" for CRE loans in the second quarter.
As of Q2 2026 (July 2026 survey). Federal Reserve, Senior Loan Officer Opinion Survey, July 2026
Every number links to where it came from. Daily rates refresh while you read; published figures change when their source publishes again, and a tile says so when the next release is overdue. © 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. Freddie Mac PMMS data used with attribution. Sources and methods.
Why one page
Commercial real estate data is spread across Treasury, the Fed, the FDIC, rating agencies and a handful of research firms, each on its own schedule. This page puts the headline from each one in one place and doesn’t round off the part that matters: when the number is from and who published it. A quarterly bank figure from June sits next to a Treasury yield from yesterday, and the page labels both.
What isn’t here: daily REIT prices (we haven’t found a feed we’re allowed to republish), and cap-rate tables by sector (CBRE’s sit behind a sign-up). Where a number would need a license or a guess, we left it out.
Questions people ask
What is the CMBS delinquency rate right now?
KBRA put the 30-day-plus delinquency rate on the private-label CMBS it rates at 7.7% in September 2026, up from 7.6% in August. Its distress rate, which adds loans that are current but in special servicing, was 10.3%.
Are commercial property prices going up or down?
Roughly flat. Green Street's Commercial Property Price Index fell 0.1% in September 2026 and was up 4.7% over twelve months. CBRE's first-half 2026 cap rate survey found the all-property average cap rate essentially unchanged.
How are banks' commercial real estate loans performing?
Bank CRE delinquency is low, though it's measured differently from CMBS. The delinquency rate on bank CRE loans (excluding farmland) was 1.53% in Q2 2026 per the Federal Reserve, and FDIC call reports show 1.23% of nonresidential CRE loans and 1.09% of multifamily loans noncurrent at June 30, 2026.
Financing a property in this market?
Janover Capital arranges commercial mortgages with bank, life company, CMBS, agency and debt fund lenders.