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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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Real-time lending data backed by capital market expertise

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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Current Index Rates

CURRENT INDEX RATES

Term Rate
5-Year Treasury 3.67%
7-Year Treasury 3.88%
10-Year Treasury 4.11%
30-Day Avg. SOFR 3.81%
*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% 1.35x 115 - 145 5.26% - 5.56%
10-Year 55% 1.55x 105 - 125 5.16% - 5.36%
10-Year 65% 1.35x 115 - 145 5.26% - 5.56%
10-Year 80% 1.25x 135 - 165 5.46% - 5.76%
7-Year 55% 1.55x 115 - 135 5.03% - 5.23%
7-Year 65% 1.35x 125 - 155 5.13% - 5.43%
7-Year 80% 1.25x 150 - 180 5.38% - 5.68%
5-Year 55% 1.55x 120 - 140 4.87% - 5.07%
5-Year 65% 1.35x 130 - 160 5.18% - 5.48%
5-Year 75% 1.25x 165 - 195 5.53% - 5.83%
10 SARM 75% 1.00x 210 - 220 5.91% - 6.01%
* For loans less than $6MM, please reach out to your Fannie representative.
December 31, 2025, 5:00 AM

FREDDIE MAC CME - FIXED RATE

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Term LTV DSCR Spread (bps) Rate
15-Year 80% 1.25x 135 - 155 5.46% - 5.66%
10-Year 55% 1.55x 95 - 100 5.06% - 5.11%
10-Year 65% 1.35x 105 - 120 5.16% - 5.31%
10-Year 80% 1.25x 115 - 135 5.26% - 5.46%
7-Year 55% 1.55x 100 - 110 4.88% - 4.98%
7-Year 65% 1.35x 115 - 135 5.03% - 5.23%
7-Year 80% 1.25x 135 - 155 5.23% - 5.43%
5-Year 75% 1.25x 140 - 160 5.07% - 5.27%
10 ARM 80% 1.25x 205 - 230 5.86% - 6.11%
December 31, 2025, 5:00 AM

223(f) Refinancing (FHA)

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Term LTV DSCR Amortization Rates*
35-Year 87% 1.15x 35 5.25 - 5.70%
* Before MIP.
December 31, 2025, 5:00 AM

221(d)4 Construction / Permanent (FHA)

Term LTV DSCR Amortization Rates*
40-Year 87% 1.15x 40 5.70- 6.15%
* Before MIP.
December 31, 2025, 5:00 AM

LIFE CO - MULTIFAMILY

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Term Amortization LTV Spread (bps) Rate
5-Year 25-30 50%-65% 145 - 205 5.12% - 5.72%
5-Year 25-30 60%-75% 155 - 215 5.22% - 5.82%
10-Year 25-30 50%-65% 130 - 175 5.41% - 5.86%
10-Year 25-30 60%-75% 155 - 215 5.66% - 6.26%
15-Year Fully Amortizing 60%-75% 155 - 215 5.97% - 6.57%
* Rate buy downs available on deal by deal basis.
December 31, 2025, 5:00 AM

CMBS SPREADS/RATES

Term Amortization LTV Spread (bps) Rate
5-Year 30 65-75% 250 - 300 6.17% - 6.67%
10-Year 30 65-75% 225 - 275 6.36% - 6.86%
5-Year 30 65-75% 250 - 300 6.17% - 6.67%
10-Year 30 65-75% 225 - 275 6.36% - 6.86%
* Rate buy downs available on deal by deal basis.
December 31, 2025, 5:00 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 5.01% - 5.31%
10-Year 30 10Y UST 80% 1.20x 5.21% - 5.51%
7-Year 30 7Y UST 60% 1.50x 4.98% - 5.28%
7-Year 30 7Y UST 80% 1.20x 5.13% - 5.43%
5-Year 30 5Y UST 60% 1.50x 4.97% - 5.27%
5-Year 30 5Y UST 80% 1.20x 5.12% - 5.42%
* 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)
December 31, 2025, 5:00 AM

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

Term Amort Index LTV DSCR All-In Rate
10-Year 30 10Y UST 55% 1.55x 4.91% - 5.21%
10-Year 30 10Y UST 80% 1.25x 5.21% - 5.61%
7-Year 30 7Y UST 55% 1.55x 4.83% - 5.13%
7-Year 30 7Y UST 80% 1.25x 5.18% - 5.58%
5-Year 30 5Y UST 55% 1.55x 4.72% - 5.02%
5-Year 30 5Y UST 80% 1.25x 5.17% - 5.57%
** 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.
December 31, 2025, 5:00 AM

PRESERVATION

Product Term Amort Index LTV DSCR All-In Rate
Fixed 5-Year 30 5Y UST 75% 1.25x 5.07% - 5.22%
Fixed 7-Year 30 7Y UST 80% 1.25x 5.28% - 5.43%
Fixed 10-Year 30 10Y UST 80% 1.25x 5.31% - 5.46%
Capped ARM 10-Year 30 30d Avg SOFR 80% 1.25x 6.06% - 6.26%
December 31, 2025, 5:00 AM

IMMEDIATE - MOD REHAB

Product Term Amort Index LTV DSCR All-In Rate
9% LIHTC 15-Year 35 10Y UST 90% 1.15x 5.86% - 6.01%
4% Tax-Exempt Loan 15-Year 35 10Y UST 90% 1.15x 5.46% - 5.61%
December 31, 2025, 5:00 AM

FORWARD COMMITMENT

Product Term Amort Index LTV DSCR All-In Rate
9% LIHTC 15-Year 35 10Y UST 90% 1.15x 6.31% - 6.46%
4% Tax-Exempt Loan (30-Month) 15-Year 35 10Y UST 90% 1.15x 5.91% - 6.06%
Non-LIHTC (30-Month) 15-Year 30 10Y UST 80% 1.25x 6.11% - 6.26%
December 31, 2025, 5:00 AM

REFINANCE/ACQUISITION | 223(f) (FHA)

Product Term Amort LTV DSCR Rate Before MIP
Market Rate 35-Year 35 87% 1.15x 5.50%-6.00%
LIHTC Affordable* 35-Year 35 90% 1.11x 5.50%-6.00%
Project Based Affordable** 35-Year 35 90% 1.11x 5.50%-6.00%
^ 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
December 31, 2025, 5:00 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 5.95%-6.45%
LIHTC Affordable* 40-Year 40 90% 1.11x 5.95%-6.45%
^ 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
December 31, 2025, 5:00 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 50%-65% 150 - 210 5.17% - 5.77%
5-Year 25-30 60%-75% 160 - 220 5.27% - 5.87%
10-Year 25-30 50%-65% 150 - 190 5.61% - 6.01%
10-Year 25-30 60%-75% 160 - 220 5.71% - 6.31%
15-Year Fully Amortizing 60%-75% 160 - 220 6.02% - 6.62%
* Rate buy downs available on deal by deal basis.
December 31, 2025, 5:00 AM

CMBS SPREADS/RATES

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Term Amortization LTV Spread (bps) Rate
5-Year 30 65-75% 250 - 300 6.17% - 6.67%
10-Year 30 65-75% 225 - 275 6.36% - 6.86%
5-Year 30 65-75% 250 - 300 6.17% - 6.67%
10-Year 30 65-75% 225 - 275 6.36% - 6.86%
* Rate buy downs available on deal by deal basis.
December 31, 2025, 5:00 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.

©️ 2025 Content owned and provided by Fenics Software Limited. All rights reserved. Content is provided “as is” without warranties of any kind. Neither the timeliness, accuracy nor completeness of the content is guaranteed.

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