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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 4.74%
7-Year Treasury 4.84%
10-Year Treasury 4.95%
30-Day Avg. SOFR 3.90%
*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 6.30% - 6.60%
10-Year 55% 1.55 105 - 125 6.00% - 6.20%
10-Year 65% 1.35 115 - 145 6.10% - 6.40%
10-Year 80% 1.25 135 - 165 6.30% - 6.60%
7-Year 55% 1.55 115 - 135 5.99% - 6.19%
7-Year 65% 1.35 125 - 165 6.09% - 6.49%
7-Year 80% 1.25 150 - 180 6.34% - 6.64%
5-Year 55% 1.55 120 - 140 5.94% - 6.14%
5-Year 65% 1.35 130 - 160 6.14% - 6.44%
5-Year 75% 1.25 165 - 195 6.49% - 6.79%
10 SARM 75% 1 220 - 230 6.10% - 6.20%
* For loans less than $6MM, please reach out to your Fannie representative.
November 1, 2026, 6:15 PM

FREDDIE MAC CME - FIXED RATE

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Term LTV DSCR Spread (bps) Rate
15-Year 80% 1.25 135 - 155 6.30% - 6.50%
10-Year 55% 1.55 95 - 100 5.90% - 5.95%
10-Year 65% 1.35 105 - 120 6.00% - 6.15%
10-Year 80% 1.25 115 - 135 6.10% - 6.30%
7-Year 55% 1.55 100 - 110 5.84% - 5.94%
7-Year 65% 1.35 115 - 135 5.99% - 6.19%
7-Year 80% 1.25 135 - 155 6.19% - 6.39%
5-Year 75% 1.25 140 - 160 6.14% - 6.34%
10 ARM 80% 1.25 205 - 230 5.95% - 6.20%
November 1, 2026, 6:15 PM

223(f) Refinancing (FHA)

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Term LTV DSCR Amortization Rates*
35-Year 87% 1.15x 35 6.40% - 6.90%
* Before MIP.
November 1, 2026, 6:15 PM

221(d)4 Construction / Permanent (FHA)

Term LTV DSCR Amortization Rates*
40-Year 87% 1.15x 40 6.85% - 7.35%
* Before MIP.
November 1, 2026, 6:15 PM

LIFE CO - MULTIFAMILY

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Term Amortization LTV Spread (bps) Rate
5-Year 25 - 30 0.5 - 0.65 135 - 205 6.09% - 6.79%
5-Year 25 - 30 0.6 - 0.75 160 - 190 6.34% - 6.64%
10-Year 25 - 30 0.5 - 0.65 115 - 140 6.10% - 6.35%
10-Year 25 - 30 0.6 - 0.75 140 - 170 6.35% - 6.65%
15-Year Fully Amortizing 0.6 - 0.75 145 - 215 6.61% - 7.31%
* Rate buy downs available on deal by deal basis.
November 1, 2026, 6:15 PM

CMBS SPREADS/RATES

Term Amortization LTV Spread (bps) Rate
5-Year 30 0.65 - 0.75 210 - 250 6.84% - 7.24%
10-Year 30 0.65 - 0.75 185 - 225 6.80% - 7.20%
5-Year 30 0.65 - 0.75 200 - 225 6.74% - 6.99%
10-Year 30 0.65 - 0.75 175 - 200 6.70% - 6.95%
* Rate buy downs available on deal by deal basis.
November 1, 2026, 6:15 PM

* 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 5.80% - 6.10%
10-Year 30 10Y UST 80% 1.20x 6.00% - 6.30%
7-Year 30 7Y UST 60% 1.50x 5.79% - 6.09%
7-Year 30 7Y UST 80% 1.20x 5.99% - 6.29%
5-Year 30 5Y UST 60% 1.50x 5.89% - 6.19%
5-Year 30 5Y UST 80% 1.20x 6.04% - 6.34%
* 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)
November 1, 2026, 6:15 PM

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

Term Amort Index LTV DSCR All-In Rate
10-Year 30 10Y UST 55% 1.55x 5.75% - 6.05%
10-Year 30 10Y UST 80% 1.25x 6.05% - 6.45%
7-Year 30 7Y UST 55% 1.55x 5.69% - 5.99%
7-Year 30 7Y UST 80% 1.25x 6.04% - 6.44%
5-Year 30 5Y UST 55% 1.55x 5.69% - 5.99%
5-Year 30 5Y UST 80% 1.25x 6.14% - 6.54%
** 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.
November 1, 2026, 6:15 PM

PRESERVATION

Product Term Amort Index LTV DSCR All-In Rate
Fixed 5-Year 30 5Y UST 75% 1.25x 6.09% - 6.24%
Fixed 7-Year 30 7Y UST 80% 1.25x 6.19% - 6.34%
Fixed 10-Year 30 10Y UST 80% 1.25x 6.10% - 6.25%
Capped ARM 10-Year 30 30d Avg SOFR 80% 1.25x 6.85% - 7.05%
November 1, 2026, 6:15 PM

IMMEDIATE - MOD REHAB

Product Term Amort Index LTV DSCR All-In Rate
9% LIHTC 15-Year 35 10Y UST 90% 1.15x 6.65% - 6.80%
4% Tax-Exempt Loan 15-Year 35 10Y UST 90% 1.15x 6.20% - 6.35%
November 1, 2026, 6:15 PM

FORWARD COMMITMENT

Product Term Amort Index LTV DSCR All-In Rate
9% LIHTC 15-Year 35 10Y UST 90% 1.15x 7.15% - 7.30%
4% Tax-Exempt Loan (30-Month) 15-Year 35 10Y UST 90% 1.15x 6.70% - 6.85%
Non-LIHTC (30-Month) 15-Year 30 10Y UST 80% 1.25x 7.10% - 7.25%
November 1, 2026, 6:15 PM

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
November 1, 2026, 6:15 PM

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
November 1, 2026, 6:15 PM

* 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 6.24% - 6.74%
5-Year 25 - 30 0.6 - 0.75 150 - 220 6.24% - 6.94%
10-Year 25 - 30 0.5 - 0.65 140 - 190 6.35% - 6.85%
10-Year 25 - 30 0.6 - 0.75 150 - 220 6.45% - 7.15%
15-Year Fully Amortizing 0.6 - 0.75 150 - 220 6.66% - 7.36%
* Rate buy downs available on deal by deal basis.
November 1, 2026, 6:15 PM

CMBS SPREADS/RATES

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Term Amortization LTV Spread (bps) Rate
5-Year 30 0.65 - 0.75 210 - 250 6.84% - 7.24%
10-Year 30 0.65 - 0.75 185 - 225 6.80% - 7.20%
5-Year 30 0.65 - 0.75 200 - 225 6.74% - 6.99%
10-Year 30 0.65 - 0.75 175 - 200 6.70% - 6.95%
* Rate buy downs available on deal by deal basis.
November 1, 2026, 6:15 PM

* 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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