The 10-year Treasury rate is the yield on U.S. government bonds maturing in 10 years. It is the benchmark long-rate watched by lenders when pricing fixed-rate term loans, SBA 504 debentures, commercial real estate debt, and adjustable-rate mortgages.
The 10-year Treasury yield (series DGS10) is published daily by the Federal Reserve Board and represents what investors demand to lend money to the U.S. government for 10 years. Because U.S. Treasuries are considered risk-free, the 10-year yield serves as the 'floor' above which all risky lending is priced — lenders add a credit spread to the Treasury rate to compensate for default risk. For small business lending, the 10-year Treasury directly impacts: (1) SBA 504 debenture rates, which the SBA prices off the 10-year Treasury; (2) fixed-rate bank term loans, often set at Treasury + spread; (3) commercial real estate permanent financing; and (4) the second leg of SBA 504 deals (the CDC/SBA debenture portion). The 10-year Treasury also affects the broader credit market. When the 10-year rises sharply, fixed-rate business term loans get more expensive and lenders tighten credit standards. When it falls, long-duration debt becomes cheaper. This is why business owners refinancing long-term debt watch the 10-year closely — locking in when the 10-year is low reduces debt service permanently. The Federal Reserve H.15 release publishes daily Treasury yields across all maturities. Cite: https://www.federalreserve.gov/releases/h15/ (DGS10 series). FRED also publishes DGS10 for historical data.
Fixed-rate business loans are priced as a spread over a benchmark. For long-term loans (7-25 years), the 10-year Treasury is the most common benchmark. When the 10-year rises, fixed-rate business loan rates rise with it. SBA 504 debenture rates (for commercial real estate and heavy equipment) are explicitly tied to 10-year Treasury auction results.
The Federal Reserve publishes the daily 10-year Treasury yield (DGS10) on the H.15 release at https://www.federalreserve.gov/releases/h15/. FRED (Federal Reserve Economic Data) at fred.stlouisfed.org also tracks it with full historical data back to 1962.
SOFR is an overnight rate (essentially the cost of borrowing for one day), while the 10-year Treasury rate reflects the market's expectations for rates over 10 years. SOFR anchors floating-rate short-term and variable-rate long-term debt. The 10-year Treasury anchors fixed-rate long-term debt. When the two diverge significantly (as in an inverted yield curve), it signals market stress.