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Rates & Spreads

Current commercial mortgage rates & spreads

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Current Index Rates

CURRENT INDEX RATES

Term Rate
5-Year Treasury 3.64%
7-Year Treasury 3.84%
10-Year Treasury 4.08%
30-Day Avg. SOFR 4.00%
*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 5.23% - 5.53%
10-Year 55% 1.55x 105 - 125 5.13% - 5.33%
10-Year 65% 1.35x 115 - 145 5.23% - 5.53%
10-Year 80% 1.25x 135 - 165 5.43% - 5.73%
7-Year 55% 1.55x 115 - 135 4.99% - 5.19%
7-Year 65% 1.35x 125 - 155 5.09% - 5.39%
7-Year 80% 1.25x 150 - 180 5.34% - 5.64%
5-Year 55% 1.55x 125 - 145 4.89% - 5.09%
5-Year 65% 1.35x 135 - 165 5.19% - 5.49%
5-Year 75% 1.25x 170 - 200 5.54% - 5.84%
10 SARM 75% 1.00x 210 - 220 6.10% - 6.20%
* For loans less than $6MM, please reach out to your Fannie representative.
December 3, 2025, 5:01 AM

FREDDIE MAC CME - FIXED RATE

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Term LTV DSCR Spread (bps) Rate
15-Year 80% 1.25x 135 - 155 5.43% - 5.63%
10-Year 55% 1.55x 95 - 100 5.03% - 5.08%
10-Year 65% 1.35x 105 - 120 5.13% - 5.28%
10-Year 80% 1.25x 115 - 135 5.23% - 5.43%
7-Year 55% 1.55x 100 - 110 4.84% - 4.94%
7-Year 65% 1.35x 115 - 135 4.99% - 5.19%
7-Year 80% 1.25x 135 - 155 5.19% - 5.39%
5-Year 75% 1.25x 140 - 160 5.04% - 5.24%
10 ARM 80% 1.25x 205 - 230 6.05% - 6.30%
December 3, 2025, 5:01 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 3, 2025, 5:01 AM

221(d)4 Construction / Permanent (FHA)

Term LTV DSCR Amortization Rates*
40-Year 87% 1.15x 40 5.70- 6.20%
* Before MIP.
December 3, 2025, 5:01 AM

LIFE CO - MULTIFAMILY

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Term Amortization LTV Spread (bps) Rate
5-Year 25-30 50%-65% 145 - 205 5.09% - 5.69%
5-Year 25-30 60%-75% 155 - 215 5.19% - 5.79%
10-Year 25-30 50%-65% 130 - 175 5.38% - 5.83%
10-Year 25-30 60%-75% 155 - 215 5.63% - 6.23%
15-Year Fully Amortizing 60%-75% 155 - 215 5.94% - 6.54%
* Rate buy downs available on deal by deal basis.
December 3, 2025, 5:01 AM

CMBS SPREADS/RATES

Term Amortization LTV Spread (bps) Rate
5-Year 30 65-75% 250 - 300 6.14% - 6.64%
10-Year 30 65-75% 225 - 275 6.33% - 6.83%
5-Year 30 65-75% 250 - 300 6.14% - 6.64%
10-Year 30 65-75% 225 - 275 6.33% - 6.83%
* Rate buy downs available on deal by deal basis.
December 3, 2025, 5:01 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 4.98% - 5.28%
10-Year 30 10Y UST 80% 1.20x 5.18% - 5.48%
7-Year 30 7Y UST 60% 1.50x 4.94% - 5.24%
7-Year 30 7Y UST 80% 1.20x 5.09% - 5.39%
5-Year 30 5Y UST 60% 1.50x 4.94% - 5.24%
5-Year 30 5Y UST 80% 1.20x 5.09% - 5.39%
* 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 3, 2025, 5:01 AM

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

Term Amort Index LTV DSCR All-In Rate
10-Year 30 10Y UST 55% 1.55x 4.88% - 5.18%
10-Year 30 10Y UST 80% 1.25x 5.18% - 5.58%
7-Year 30 7Y UST 55% 1.55x 4.79% - 5.09%
7-Year 30 7Y UST 80% 1.25x 5.14% - 5.54%
5-Year 30 5Y UST 55% 1.55x 4.69% - 4.99%
5-Year 30 5Y UST 80% 1.25x 5.14% - 5.54%
** 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.
December 3, 2025, 5:01 AM

PRESERVATION

Product Term Amort Index LTV DSCR All-In Rate
Fixed 5-Year 30 5Y UST 75% 1.25x 5.04% - 5.19%
Fixed 7-Year 30 7Y UST 80% 1.25x 5.24% - 5.39%
Fixed 10-Year 30 10Y UST 80% 1.25x 5.28% - 5.43%
Capped ARM 10-Year 30 30d Avg SOFR 80% 1.25x 6.03% - 6.23%
December 3, 2025, 5:01 AM

IMMEDIATE - MOD REHAB

Product Term Amort Index LTV DSCR All-In Rate
9% LIHTC 15-Year 35 10Y UST 90% 1.15x 5.83% - 5.98%
4% Tax-Exempt Loan 15-Year 35 10Y UST 90% 1.15x 5.43% - 5.58%
December 3, 2025, 5:01 AM

FORWARD COMMITMENT

Product Term Amort Index LTV DSCR All-In Rate
9% LIHTC 15-Year 35 10Y UST 90% 1.15x 6.28% - 6.43%
4% Tax-Exempt Loan (30-Month) 15-Year 35 10Y UST 90% 1.15x 5.88% - 6.03%
Non-LIHTC (30-Month) 15-Year 30 10Y UST 80% 1.25x 6.08% - 6.23%
December 3, 2025, 5:01 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 3, 2025, 5:01 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 3, 2025, 5:01 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 5.14% - 5.74%
5-Year 25-30 60%-75% 160 - 220 5.24% - 5.84%
10-Year 25-30 50%-65% 150 - 190 5.58% - 5.98%
10-Year 25-30 60%-75% 160 - 220 5.68% - 6.28%
15-Year Fully Amortizing 60%-75% 160 - 220 5.99% - 6.59%
* Rate buy downs available on deal by deal basis.
December 3, 2025, 5:01 AM

CMBS SPREADS/RATES

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Term Amortization LTV Spread (bps) Rate
5-Year 30 65-75% 250 - 300 6.14% - 6.64%
10-Year 30 65-75% 225 - 275 6.33% - 6.83%
5-Year 30 65-75% 250 - 300 6.14% - 6.64%
10-Year 30 65-75% 225 - 275 6.33% - 6.83%
* Rate buy downs available on deal by deal basis.
December 3, 2025, 5:01 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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