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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 4.84%
7-Year Treasury 4.90%
10-Year Treasury 4.97%
30-Day Avg. SOFR 3.68%
*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 6.32% - 6.62%
10-Year 55% 1.55 100 - 120 5.97% - 6.17%
10-Year 65% 1.35 110 - 140 6.07% - 6.37%
10-Year 80% 1.25 130 - 160 6.27% - 6.57%
7-Year 55% 1.55 105 - 125 5.95% - 6.15%
7-Year 65% 1.35 115 - 145 6.05% - 6.35%
7-Year 80% 1.25 140 - 170 6.30% - 6.60%
5-Year 55% 1.55 115 - 135 5.99% - 6.19%
5-Year 65% 1.35 125 - 155 6.15% - 6.45%
5-Year 75% 1.25 160 - 190 6.50% - 6.80%
10 SARM 75% 1 215 - 225 5.83% - 5.93%
* For loans less than $6MM, please reach out to your Fannie representative.
September 22, 2026, 9:11 PM

FREDDIE MAC CME - FIXED RATE

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Term LTV DSCR Spread (bps) Rate
15-Year 80% 1.25 135 - 155 6.32% - 6.52%
10-Year 55% 1.55 95 - 100 5.92% - 5.97%
10-Year 65% 1.35 105 - 120 6.02% - 6.17%
10-Year 80% 1.25 115 - 135 6.12% - 6.32%
7-Year 55% 1.55 100 - 110 5.90% - 6.00%
7-Year 65% 1.35 115 - 135 6.05% - 6.25%
7-Year 80% 1.25 135 - 155 6.25% - 6.45%
5-Year 75% 1.25 140 - 160 6.24% - 6.44%
10 ARM 80% 1.25 205 - 230 5.73% - 5.98%
September 22, 2026, 9:11 PM

223(f) Refinancing (FHA)

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Term LTV DSCR Amortization Rates*
35-Year 87% 1.15x 35 6.10 - 6.60%
* Before MIP.
September 22, 2026, 9:11 PM

221(d)4 Construction / Permanent (FHA)

Term LTV DSCR Amortization Rates*
40-Year 87% 1.15x 40 6.55- 7.05%
* Before MIP.
September 22, 2026, 9:11 PM

LIFE CO - MULTIFAMILY

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Term Amortization LTV Spread (bps) Rate
5-Year 25 - 30 0.5 - 0.65 135 - 205 6.19% - 6.89%
5-Year 25 - 30 0.6 - 0.75 160 - 190 6.44% - 6.74%
10-Year 25 - 30 0.5 - 0.65 115 - 140 6.12% - 6.37%
10-Year 25 - 30 0.6 - 0.75 140 - 170 6.37% - 6.67%
15-Year Fully Amortizing 0.6 - 0.75 145 - 215 6.60% - 7.30%
* Rate buy downs available on deal by deal basis.
September 22, 2026, 9:11 PM

CMBS SPREADS/RATES

Term Amortization LTV Spread (bps) Rate
5-Year 30 0.65 - 0.75 210 - 250 6.94% - 7.34%
10-Year 30 0.65 - 0.75 185 - 225 6.82% - 7.22%
5-Year 30 0.65 - 0.75 200 - 225 6.84% - 7.09%
10-Year 30 0.65 - 0.75 175 - 200 6.72% - 6.97%
* Rate buy downs available on deal by deal basis.
September 22, 2026, 9:11 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 5.82% - 6.12%
10-Year 30 10Y UST 80% 1.20x 6.02% - 6.32%
7-Year 30 7Y UST 60% 1.50x 5.85% - 6.15%
7-Year 30 7Y UST 80% 1.20x 6.05% - 6.35%
5-Year 30 5Y UST 60% 1.50x 5.99% - 6.29%
5-Year 30 5Y UST 80% 1.20x 6.14% - 6.44%
* 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)
September 22, 2026, 9:11 PM

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

Term Amort Index LTV DSCR All-In Rate
10-Year 30 10Y UST 55% 1.55x 5.77% - 6.07%
10-Year 30 10Y UST 80% 1.25x 6.07% - 6.47%
7-Year 30 7Y UST 55% 1.55x 5.75% - 6.05%
7-Year 30 7Y UST 80% 1.25x 6.10% - 6.50%
5-Year 30 5Y UST 55% 1.55x 5.79% - 6.09%
5-Year 30 5Y UST 80% 1.25x 6.24% - 6.64%
** 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.
September 22, 2026, 9:11 PM

PRESERVATION

Product Term Amort Index LTV DSCR All-In Rate
Fixed 5-Year 30 5Y UST 75% 1.25x 6.19% - 6.34%
Fixed 7-Year 30 7Y UST 80% 1.25x 6.25% - 6.40%
Fixed 10-Year 30 10Y UST 80% 1.25x 6.12% - 6.27%
Capped ARM 10-Year 30 30d Avg SOFR 80% 1.25x 6.87% - 7.07%
September 22, 2026, 9:11 PM

IMMEDIATE - MOD REHAB

Product Term Amort Index LTV DSCR All-In Rate
9% LIHTC 15-Year 35 10Y UST 90% 1.15x 6.67% - 6.82%
4% Tax-Exempt Loan 15-Year 35 10Y UST 90% 1.15x 6.22% - 6.37%
September 22, 2026, 9:11 PM

FORWARD COMMITMENT

Product Term Amort Index LTV DSCR All-In Rate
9% LIHTC 15-Year 35 10Y UST 90% 1.15x 7.17% - 7.32%
4% Tax-Exempt Loan (30-Month) 15-Year 35 10Y UST 90% 1.15x 6.72% - 6.87%
Non-LIHTC (30-Month) 15-Year 30 10Y UST 80% 1.25x 7.12% - 7.27%
September 22, 2026, 9:11 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
September 22, 2026, 9:11 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
September 22, 2026, 9:11 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 6.34% - 6.84%
5-Year 25 - 30 0.6 - 0.75 150 - 220 6.34% - 7.04%
10-Year 25 - 30 0.5 - 0.65 140 - 190 6.37% - 6.87%
10-Year 25 - 30 0.6 - 0.75 150 - 220 6.47% - 7.17%
15-Year Fully Amortizing 0.6 - 0.75 150 - 220 6.65% - 7.35%
* Rate buy downs available on deal by deal basis.
September 22, 2026, 9:11 PM

CMBS SPREADS/RATES

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Term Amortization LTV Spread (bps) Rate
5-Year 30 0.65 - 0.75 210 - 250 6.94% - 7.34%
10-Year 30 0.65 - 0.75 185 - 225 6.82% - 7.22%
5-Year 30 0.65 - 0.75 200 - 225 6.84% - 7.09%
10-Year 30 0.65 - 0.75 175 - 200 6.72% - 6.97%
* Rate buy downs available on deal by deal basis.
September 22, 2026, 9:11 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.

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