Debt Market Survey, Second Quarter 2026

A Market Leaning Back Toward Fixed-Rate Loans

Data from Altus Group’s second-quarter 2026 survey of commercial real estate (CRE) borrowers and lenders point to a market where the source of relief has shifted. Treasury yields climbed, pushing fixed-rate all-in costs higher, while the Secured Overnight Financing Rate (SOFR) flattened after several quarters of decline. That left floating-rate borrowers relying on spread compression rather than a falling base rate. Quote activity ticked down slightly after the first quarter’s rebound, and the product mix tilted back toward fixed-rate products, led primarily by short-term fixed-rate debt. Spreads narrowed across most of the market, with the sharpest compression occurring in floating and mezzanine products, while quote activity shifted toward office and retail and away from industrial loans.

The full report provides data on quoted interest rates by property type, loan type, maturity and loan-to-value ratio, including for both senior debt and mezzanine loans.  

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