Short answer
Treasury benchmark (5- or 10-year for fixed; SOFR for floating) plus a credit spread equals the all-in headline rate. Spread depends on asset class, sponsor experience, leverage, exit certainty, and lender category. SOFR floors, IO terms, and prepayment menus also affect total economics.
Sources
- Treasury Constant Maturity Series (DGS5, DGS10) · Federal Reserve Bank of St. Louis (FRED) · weekly
- Secured Overnight Financing Rate (SOFR) · Federal Reserve Bank of New York · daily
- Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations · Mortgage Bankers Association · 2026-Q1