Today, they are floating between 7.4-7.75%, depending on factors.Your best bet is to work with a broker who watches these things daily. 

I do have floating rate agency debt, however, and rising rates coupled with lack of rent growth has been a drag on cash flow. 

Loan Costs, Deposits, and Escrows: Origination fees, application fees, third party reports, legal, insurance review, title & escrow, rate caps (floating rate loans), due diligence deposit, rate lock deposit, standard escrows, etc.6.

I've heard both terms floating around

I was last getting terms around 5-6% for the first 5 years, then floating with prime, 20 year term. 

Floating rate loans may help cash flow early in deal, but put a lot of risk into deals. 

If the best you qualify for is alternative financing when the purchasing loan matures you will  likely be treading water barely able to stay a float. 

Avoid floating rate debt.  

These are the best options for finding sellers willing to transact in today's market at cap rates that make sense to the current interest rate environment, in order to capitalize on the upcoming favorable market conditions over the next few years such as spiking rent growth, falling vacancy, and compressing cap rates.Interest Rate ProjectionsLooking at the Federal Reserves Dot Plot, which is released every quarter and is the federal reserves outlook on where they believe the Fed Funds Rate, which does not control fixed-rate financing but does influence it, as well as directly affects floating rate financing, is predicted to be 3% - 3.25% by Year End 2027 (Source), currently sitting at 4.25% - 4.5% today.

Floating rate loans are normally quoted at SOFR plus a spread, a profit margin for the lender.