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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 3.85%
7-Year Treasury 4.06%
10-Year Treasury 4.28%
30-Day Avg. SOFR 3.66%
*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 105 - 135 5.33% - 5.63%
10-Year 55% 1.55x 95 - 115 5.23% - 5.43%
10-Year 65% 1.35x 105 - 135 5.33% - 5.63%
10-Year 80% 1.25x 125 - 155 5.53% - 5.83%
7-Year 55% 1.55x 100 - 120 5.06% - 5.26%
7-Year 65% 1.35x 110 - 140 5.16% - 5.46%
7-Year 80% 1.25x 135 - 165 5.41% - 5.71%
5-Year 55% 1.55x 110 - 130 4.95% - 5.15%
5-Year 65% 1.35x 120 - 150 5.26% - 5.56%
5-Year 75% 1.25x 155 - 185 5.61% - 5.91%
10 SARM 75% 1.00x 215 - 225 5.81% - 5.91%
* For loans less than $6MM, please reach out to your Fannie representative.
February 4, 2026, 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 5.63% - 5.83%
10-Year 55% 1.55x 95 - 100 5.23% - 5.28%
10-Year 65% 1.35x 105 - 120 5.33% - 5.48%
10-Year 80% 1.25x 115 - 135 5.43% - 5.63%
7-Year 55% 1.55x 100 - 110 5.06% - 5.16%
7-Year 65% 1.35x 115 - 135 5.21% - 5.41%
7-Year 80% 1.25x 135 - 155 5.41% - 5.61%
5-Year 75% 1.25x 140 - 160 5.25% - 5.45%
10 ARM 80% 1.25x 205 - 230 5.71% - 5.96%
February 4, 2026, 5:00 AM

223(f) Refinancing (FHA)

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Term LTV DSCR Amortization Rates*
35-Year 87% 1.15x 35 5.20 - 5.70%
* Before MIP.
February 4, 2026, 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.
February 4, 2026, 5:00 AM

LIFE CO - MULTIFAMILY

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Term Amortization LTV Spread (bps) Rate
5-Year 25-30 50%-65% 145 - 205 5.30% - 5.90%
5-Year 25-30 60%-75% 155 - 215 5.40% - 6.00%
10-Year 25-30 50%-65% 130 - 175 5.58% - 6.03%
10-Year 25-30 60%-75% 155 - 215 5.83% - 6.43%
15-Year Fully Amortizing 60%-75% 155 - 215 6.12% - 6.72%
* Rate buy downs available on deal by deal basis.
February 4, 2026, 5:00 AM

CMBS SPREADS/RATES

Term Amortization LTV Spread (bps) Rate
5-Year 30 65-75% 250 - 300 6.35% - 6.85%
10-Year 30 65-75% 225 - 275 6.53% - 7.03%
5-Year 30 65-75% 250 - 300 6.35% - 6.85%
10-Year 30 65-75% 225 - 275 6.53% - 7.03%
* Rate buy downs available on deal by deal basis.
February 4, 2026, 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 5.13% - 5.43%
10-Year 30 10Y UST 80% 1.20x 5.33% - 5.63%
7-Year 30 7Y UST 60% 1.50x 5.01% - 5.31%
7-Year 30 7Y UST 80% 1.20x 5.21% - 5.51%
5-Year 30 5Y UST 60% 1.50x 5.00% - 5.30%
5-Year 30 5Y UST 80% 1.20x 5.15% - 5.45%
* 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)
February 4, 2026, 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 5.08% - 5.38%
10-Year 30 10Y UST 80% 1.25x 5.38% - 5.78%
7-Year 30 7Y UST 55% 1.55x 4.91% - 5.21%
7-Year 30 7Y UST 80% 1.25x 5.26% - 5.66%
5-Year 30 5Y UST 55% 1.55x 4.80% - 5.10%
5-Year 30 5Y UST 80% 1.25x 5.25% - 5.65%
** 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.
February 4, 2026, 5:00 AM

PRESERVATION

Product Term Amort Index LTV DSCR All-In Rate
Fixed 5-Year 30 5Y UST 75% 1.25x 5.20% - 5.35%
Fixed 7-Year 30 7Y UST 80% 1.25x 5.41% - 5.56%
Fixed 10-Year 30 10Y UST 80% 1.25x 5.43% - 5.58%
Capped ARM 10-Year 30 30d Avg SOFR 80% 1.25x 6.18% - 6.38%
February 4, 2026, 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 5.98% - 6.13%
4% Tax-Exempt Loan 15-Year 35 10Y UST 90% 1.15x 5.53% - 5.68%
February 4, 2026, 5:00 AM

FORWARD COMMITMENT

Product Term Amort Index LTV DSCR All-In Rate
9% LIHTC 15-Year 35 10Y UST 90% 1.15x 6.48% - 6.63%
4% Tax-Exempt Loan (30-Month) 15-Year 35 10Y UST 90% 1.15x 6.03% - 6.18%
Non-LIHTC (30-Month) 15-Year 30 10Y UST 80% 1.25x 6.43% - 6.58%
February 4, 2026, 5:00 AM

REFINANCE/ACQUISITION | 223(f) (FHA)

Product Term Amort LTV DSCR Rate Before MIP
Market Rate 35-Year 35 87% 1.15x 5.25%-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
February 4, 2026, 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 5.70%-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
February 4, 2026, 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 5.35% - 5.95%
5-Year 25-30 60%-75% 160 - 220 5.45% - 6.05%
10-Year 25-30 50%-65% 150 - 190 5.78% - 6.18%
10-Year 25-30 60%-75% 160 - 220 5.88% - 6.48%
15-Year Fully Amortizing 60%-75% 160 - 220 6.17% - 6.77%
* Rate buy downs available on deal by deal basis.
February 4, 2026, 5:00 AM

CMBS SPREADS/RATES

Learn More
Term Amortization LTV Spread (bps) Rate
5-Year 30 65-75% 250 - 300 6.35% - 6.85%
10-Year 30 65-75% 225 - 275 6.53% - 7.03%
5-Year 30 65-75% 250 - 300 6.35% - 6.85%
10-Year 30 65-75% 225 - 275 6.53% - 7.03%
* Rate buy downs available on deal by deal basis.
February 4, 2026, 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.

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