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Rates & Spreads

Current multifamily and commercial mortgage rates & spreads

Access real-time commercial mortgage rates and spreads for commercial and multifamily loan products. Stay informed and find the best financing options for your commercial real estate investments.
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Northmarq draws on long-standing relationships with GSEs, FHA/HUD, life companies, bridge lenders, banks and CMBS lenders to provide accurate insight into commercial mortgage rates and spreads. These partnerships support innovative financing strategies across multifamily and commercial properties.

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Rates Tables

Current Index Rates

CURRENT INDEX RATES

Term Rate
5-Year Treasury 4.91%
7-Year Treasury 4.99%
10-Year Treasury 5.08%
30-Day Avg. SOFR 3.89%
*Rates are subject to change. Please contact your Northmarq representative for the most current rates.

* Rates are general in nature and are for informational use only. Rates are subject to change at any time and the information provided is not a commitment to lend. For specific quotes based on your property, contact a local Northmarq office.
** Rate buy downs available on deal by deal basis.

Multifamily Conventional Rates & Spreads

FANNIE MAE - CONVENTIONAL

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Term LTV DSCR Spread (bps) Rate
15-Year 65% 1.35 135 - 165 6.43% - 6.73%
10-Year 55% 1.55 105 - 125 6.13% - 6.33%
10-Year 65% 1.35 115 - 145 6.23% - 6.53%
10-Year 80% 1.25 135 - 165 6.43% - 6.73%
7-Year 55% 1.55 115 - 135 6.14% - 6.34%
7-Year 65% 1.35 125 - 165 6.24% - 6.64%
7-Year 80% 1.25 150 - 180 6.49% - 6.79%
5-Year 55% 1.55 120 - 140 6.11% - 6.31%
5-Year 65% 1.35 130 - 160 6.29% - 6.59%
5-Year 75% 1.25 165 - 195 6.64% - 6.94%
10 SARM 75% 1 220 - 230 6.09% - 6.19%
* For loans less than $6MM, please reach out to your Fannie representative.
October 22, 2026, 2:26 AM

FREDDIE MAC CME - FIXED RATE

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Term LTV DSCR Spread (bps) Rate
15-Year 80% 1.25 135 - 155 6.43% - 6.63%
10-Year 55% 1.55 95 - 100 6.03% - 6.08%
10-Year 65% 1.35 105 - 120 6.13% - 6.28%
10-Year 80% 1.25 115 - 135 6.23% - 6.43%
7-Year 55% 1.55 100 - 110 5.99% - 6.09%
7-Year 65% 1.35 115 - 135 6.14% - 6.34%
7-Year 80% 1.25 135 - 155 6.34% - 6.54%
5-Year 75% 1.25 140 - 160 6.31% - 6.51%
10 ARM 80% 1.25 205 - 230 5.94% - 6.19%
October 22, 2026, 2:26 AM

223(f) Refinancing (FHA)

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Term LTV DSCR Amortization Rates*
35-Year 87% 1.15x 35 6.40 - 6.85%
* Before MIP.
October 22, 2026, 2:26 AM

221(d)4 Construction / Permanent (FHA)

Term LTV DSCR Amortization Rates*
40-Year 87% 1.15x 40 6.80- 7.30%
* Before MIP.
October 22, 2026, 2:26 AM

LIFE CO - MULTIFAMILY

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Term Amortization LTV Spread (bps) Rate
5-Year 25 - 30 0.5 - 0.65 135 - 205 6.26% - 6.96%
5-Year 25 - 30 0.6 - 0.75 160 - 190 6.51% - 6.81%
10-Year 25 - 30 0.5 - 0.65 115 - 140 6.23% - 6.48%
10-Year 25 - 30 0.6 - 0.75 140 - 170 6.48% - 6.78%
15-Year Fully Amortizing 0.6 - 0.75 145 - 215 6.71% - 7.41%
* Rate buy downs available on deal by deal basis.
October 22, 2026, 2:26 AM

CMBS SPREADS/RATES

Term Amortization LTV Spread (bps) Rate
5-Year 30 0.65 - 0.75 210 - 250 7.01% - 7.41%
10-Year 30 0.65 - 0.75 185 - 225 6.93% - 7.33%
5-Year 30 0.65 - 0.75 200 - 225 6.91% - 7.16%
10-Year 30 0.65 - 0.75 175 - 200 6.83% - 7.08%
* Rate buy downs available on deal by deal basis.
October 22, 2026, 2:26 AM

* Rates are general in nature and are for informational use only. Rates are subject to change at any time and the information provided is not a commitment to lend. For specific quotes based on your property, contact a local Northmarq office.
** Rate buy downs available on deal by deal basis.

Multifamily Affordable Rates & Spreads

MAH PRESERVATION* - FIXED RATE (>$6M LOAN SIZE)

Term Amort Index LTV DSCR All-In Rate
10-Year 30 10Y UST 60% 1.50x 5.93% - 6.23%
10-Year 30 10Y UST 80% 1.20x 6.13% - 6.43%
7-Year 30 7Y UST 60% 1.50x 5.94% - 6.24%
7-Year 30 7Y UST 80% 1.20x 6.14% - 6.44%
5-Year 30 5Y UST 60% 1.50x 6.06% - 6.36%
5-Year 30 5Y UST 80% 1.20x 6.21% - 6.51%
* At least 20% of units rent or income restricted at 50% AMI, 40% at 60% AMI or at least 20% of units under a Project Based HAP contract (minimum 3 years of restrictions)
October 22, 2026, 2:26 AM

SPECIAL PUBLIC PURPOSE ("SPP")** - FIXED RATE

Term Amort Index LTV DSCR All-In Rate
10-Year 30 10Y UST 55% 1.55x 5.88% - 6.18%
10-Year 30 10Y UST 80% 1.25x 6.18% - 6.58%
7-Year 30 7Y UST 55% 1.55x 5.84% - 6.14%
7-Year 30 7Y UST 80% 1.25x 6.19% - 6.59%
5-Year 30 5Y UST 55% 1.55x 5.86% - 6.16%
5-Year 30 5Y UST 80% 1.25x 6.31% - 6.71%
** At least 20% of units rent or income restricted at 80% AMI (minimum 3 years of restrictions). 1.20x DSCR available on a waiver basis.
October 22, 2026, 2:26 AM

PRESERVATION

Product Term Amort Index LTV DSCR All-In Rate
Fixed 5-Year 30 5Y UST 75% 1.25x 6.26% - 6.41%
Fixed 7-Year 30 7Y UST 80% 1.25x 6.34% - 6.49%
Fixed 10-Year 30 10Y UST 80% 1.25x 6.23% - 6.38%
Capped ARM 10-Year 30 30d Avg SOFR 80% 1.25x 6.98% - 7.18%
October 22, 2026, 2:26 AM

IMMEDIATE - MOD REHAB

Product Term Amort Index LTV DSCR All-In Rate
9% LIHTC 15-Year 35 10Y UST 90% 1.15x 6.78% - 6.93%
4% Tax-Exempt Loan 15-Year 35 10Y UST 90% 1.15x 6.33% - 6.48%
October 22, 2026, 2:26 AM

FORWARD COMMITMENT

Product Term Amort Index LTV DSCR All-In Rate
9% LIHTC 15-Year 35 10Y UST 90% 1.15x 7.28% - 7.43%
4% Tax-Exempt Loan (30-Month) 15-Year 35 10Y UST 90% 1.15x 6.83% - 6.98%
Non-LIHTC (30-Month) 15-Year 30 10Y UST 80% 1.25x 7.23% - 7.38%
October 22, 2026, 2:26 AM

REFINANCE/ACQUISITION | 223(f) (FHA)

Product Term Amort LTV DSCR Rate Before MIP
Market Rate 35-Year 35 87% 1.15x 5.25%-5.70%
LIHTC Affordable* 35-Year 35 90% 1.11x 5.25%-5.70%
Project Based Affordable** 35-Year 35 90% 1.11x 5.25%-5.70%
^ Before MIP.
*At least 20% of units at 50% AMI or 40% at 60% AMI w/ >10% rent advantage and 15+ years remaining
**At least 90% of units under a Project Based HAP contract w/ 15+ years remaining
October 22, 2026, 2:26 AM

NEW CONSTRUCTION/SUB REHAB | 221(d)(4) (FHA)

Product Term Amort LTV DSCR Rate Before MIP
Market Rate 40-Year 40 87% 1.15x 5.70%-6.20%
LIHTC Affordable* 40-Year 40 90% 1.11x 5.70%-6.20%
^ Before MIP.
*At least 20% of units at 50% AMI or 40% at 60% AMI w/ >10% rent advantage and 15+ years remaining
**At least 90% of units under a Project Based HAP contract w/ 15+ years remaining
October 22, 2026, 2:26 AM

* Rates are general in nature and are for informational use only. Rates are subject to change at any time and the information provided is not a commitment to lend. For specific quotes based on your property, contact a local Northmarq office.
** Rate buy downs available on deal by deal basis.

Commercial Rates & Spreads

LIFE CO - COMMERCIAL

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Term Amortization LTV Spread (bps) Rate
5-Year 25 - 30 0.5 - 0.65 150 - 200 6.41% - 6.91%
5-Year 25 - 30 0.6 - 0.75 150 - 220 6.41% - 7.11%
10-Year 25 - 30 0.5 - 0.65 140 - 190 6.48% - 6.98%
10-Year 25 - 30 0.6 - 0.75 150 - 220 6.58% - 7.28%
15-Year Fully Amortizing 0.6 - 0.75 150 - 220 6.76% - 7.46%
* Rate buy downs available on deal by deal basis.
October 22, 2026, 2:26 AM

CMBS SPREADS/RATES

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Term Amortization LTV Spread (bps) Rate
5-Year 30 0.65 - 0.75 210 - 250 7.01% - 7.41%
10-Year 30 0.65 - 0.75 185 - 225 6.93% - 7.33%
5-Year 30 0.65 - 0.75 200 - 225 6.91% - 7.16%
10-Year 30 0.65 - 0.75 175 - 200 6.83% - 7.08%
* Rate buy downs available on deal by deal basis.
October 22, 2026, 2:26 AM

* Rates are general in nature and are for informational use only. Rates are subject to change at any time and the information provided is not a commitment to lend. For specific quotes based on your property, contact a local Northmarq office.
** Rate buy downs available on deal by deal basis.

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