Commercial & land desk · September 1, 2026
Land residuals after a 4.73% 10-year
Last updated:
A finished lot is a claim on a future takeout loan. The discount rate on that claim starts with the Treasury curve. This site’s last named 10-year CMT close is 4.73% on August 28, after Warsh’s hawkish Jackson Hole speech. A brochure residual that only works at 4.20% is a different project than the one the curve will fund.
How do you recut a land residual with 4.73%?
Start with today’s 10-year CMT of 4.73% as the last official close this desk has cited. Add the construction and permanent spreads a bank or debt fund will actually grant. Subtract that takeout from the supported sellout or NOI. What is left is land. If the leftover is negative, the basis is wrong, not the formula.
A residential 6.81% 30-year index as of August 28 is useful only as analog pressure on for-sale housing and housing-adjacent multifamily. It is not a construction coupon and not a land quote.
What public credit facts this desk will wait for
The Fed’s Senior Loan Officer Opinion Survey is the place for tighter or easier CRE terms when that document publishes. Public REIT filings and CMBS commentary are the place for named delinquency or occupancy facts. This note invents none of those marks.
If Treasury prints a newer weekday curve, Saturday-to-Tuesday bid packages should be updated. Until then, 4.73% on August 28 is the last cited close.
FAQ
What 10-year yield should a land model use this morning?
The last official 10-year CMT this site has cited is 4.73% on August 28, 2026. Replace it when Treasury publishes a newer daily curve.
Does Fast Home Loan Daily finance land?
No. Fast Home Loan Daily is a publication. It does not originate construction or land loans.
Sources: U.S. Treasury daily yield curve (10-year CMT 4.73% on August 28, 2026); Mortgage News Daily daily rate index (30-year analog 6.81% as of August 28, 2026); Freddie Mac PMMS (weekly 30-year 6.66% as of August 27, 2026).