Commercial Mortgage Rate Survey: November 2026

Quote this issue

Commercial.Mortgage's November 2026 Commercial Mortgage Rate Survey, priced on October 30, 2026 index readings (10-year Treasury 4.94%, 30-day average SOFR 3.90%), puts indicative rates for Freddie Mac Optigo conventional loans at 5.89 to 6.29%; debt fund and mortgage REIT loans at 6.98 to 7.33% (lowest and highest of 6 programs with a published spread), while the median multifamily loan originated in 2025 and reported under HMDA carried 6.50%.

How to cite: Commercial.Mortgage, "Commercial Mortgage Rate Survey, November 2026," Janover Capital LLC, published November 1, 2026, https://commercial.mortgage/market/rate-survey/

Free to quote with a link under CC BY 4.0. The program rules and spreads behind every row are in programs.json; live index readings come from the /api/rates endpoint (see developers).

1. Index rates on the pricing date

Fixed-rate commercial mortgages price over the Treasury yield that matches the loan term; floating-rate loans price over SOFR, usually the 30-day average. On October 30, 2026 the 10-year Treasury stood at 4.94%, down 35 bps from September 30, 2026. The Federal Reserve held its target range at 3.75% to 4.00%, held at the October 28, 2026 meeting (two members preferred a hike)²². For scale: in February the MBA's forecast assumed 4.2% average for 2026 (MBA forecast, February 2026)²³. The 10-year has run well above that assumption, which is the main reason fixed-rate loans cost more this fall than that forecast implied.

2. Indicative rates by loan program

An indicative rate is the program's index on the pricing date plus the spread range a named, dated public source reports for that kind of loan. It is where a clean deal in that program would start, not a quote. The table holds only programs with a verified spread source; the rest are listed below it, because printing a guess would be worse than printing nothing.

No verified public spread this issue: Agency supplemental loans (Fannie Mae and Freddie Mac), Bank commercial mortgage, C-PACE financing, Commercial construction loan, Commercial land loan, Credit tenant lease financing, Credit union commercial real estate loan, Fannie Mae Small Loans, FHA 221(d)(4) construction loans, FHA 223(a)(7) streamlined refinance, FHA 223(f) multifamily loans, Freddie Mac small balance loans (Conventional Small), Hard money and private commercial loans, HUD 232 healthcare loans, Leasehold (ground lease) financing, Mezzanine loans, Non-bank DSCR commercial loans (5+ units, mixed-use), Owner-occupied commercial mortgage (SBA 504, 7(a), bank), Portfolio and blanket loan, Preferred equity, Single-asset single-borrower (SASB) CMBS. Their spreads are left out because no public source for them passed verification for this issue's date; most are priced deal by deal. For those programs, the closed-loan rates in section 3 are the honest benchmark.

3. What loans that closed actually carried

Indications say where pricing starts; these say where loans landed. They look backward (each row shows its period), and each measures something different, so compare a row only with your own loan of the same kind. The clearest pattern for small-balance borrowers is size: in 2025 the median rate on 5 to 24 unit buildings was 6.75% against 5.56% on buildings of 150 units or more, a 119 bp gap.

4. Leverage and coverage on recent loans

Rate and leverage trade against each other. These are what lenders actually advanced and the coverage they accepted, so a request far above them should expect a higher spread, a smaller loan or a different program.

5. How to check a quote against this survey

1. Find the index and the date. Ask the lender which index the rate prices over (a Treasury term, SOFR, prime) and on what day.
2. Back out the spread. Subtract that index reading from the quoted rate. The spread is the part you can negotiate; the index is not.
3. Compare like with like. Hold the spread against the program row in section 2, or the closed-loan rows in section 3 for the same kind of loan and size.
4. Explain any gap. Higher leverage than section 4, a small loan, a weaker property, a short term, an interest-only period or a softer prepayment penalty all justify a wider spread. A gap with none of those is worth a second quote.

Illustration. A lender quotes 6.90% fixed for 10 years on a stabilized apartment building on a day the 10-year Treasury is 4.94%. The spread is 196 bps. CBRE's average multifamily spread on the loans it closed in Q2 2026 was 162 bps⁷, and CRED iQ measured 154 bps (as of March 31, 2026)² on the permanent multifamily loans it tracks. At the CBRE spread the rate would be 6.56%. On a $3,000,000 loan with a 30-year amortization that is $19,758 a month at the quote against $19,081 at the CBRE spread, $677 a month or $8,129 a year. If the loan is at 75% LTV on a 12-unit building, much of that gap is the size and leverage effect above. If it is a 60% LTV loan on a 100-unit building, ask for a second quote.

How this survey is built

• Index readings come straight from the U.S. Treasury, the Federal Reserve Bank of New York and the Federal Reserve Board, and are frozen for the issue on the pricing date.
• Spreads come only from public, dated sources that a second reviewer re-read against the original before publication (SEC filings, CBRE, CRED iQ and similar). A program with no such source shows no rate.
• Reported rates are published aggregates: HMDA national data, CMBS offering documents on SEC EDGAR, public company filings and CDC postings of the SBA 504 sale. No lender's private quote, and no figure from any internal lender list, appears here.
• Formulas and the full source list are on the methodology page.

Indications, not quotes or offers to lend. Janover Capital LLC arranges commercial financing; it is not a lender.

Questions people ask

What is the average commercial mortgage rate right now?

There is no single average. On October 30, 2026 the 10-year Treasury was 4.94%, and most fixed-rate commercial loans price at a spread above it. Loans that actually closed give the best read: the 2025 HMDA median for multifamily was 6.50%, and CBRE's Q2 2026 average across the permanent loans it closed was 5.7%.

Why are small apartment loans priced higher than large ones?

In the 2025 HMDA data the median rate on 5 to 24 unit buildings was 6.75% against 5.56% on buildings of 150 units or more, a 119 bp gap. HMDA records the rate, not the reason. The usual explanations: appraisal, legal and underwriting costs are spread over fewer loan dollars, and large stabilized loans draw bids from agency and life company lenders that small loans rarely see.

How often is the survey published?

Monthly, at the start of the month. Each issue freezes its index readings on the pricing date, so the issue numbers can be quoted and checked later. Spreads and reported rates carry the date their source applies to.

More market data and tools

• Rates today by lender typeToday's indicative commercial mortgage rates for banks, life companies, CMBS, agency and debt fund loans: live index plus dated spread ranges.
• Lending conditions (Fed SLOOS)Whether banks are easing or tightening commercial real estate loan standards, by loan type, from the Federal Reserve loan officer survey.
• Delinquency and credit qualityBank noncurrent and charge-off rates, CMBS delinquency from Trepp, KBRA and MBA, and life company loan performance, with each measure defined and dated.
• Loan maturitiesHow much commercial mortgage debt matures in 2026 and 2027, which lenders and property types hold it, and what a maturing borrower should check first.
• Debt outstanding by holderCommercial and multifamily mortgage debt outstanding by holder: banks, Fannie Mae and Freddie Mac, life companies, CMBS and others, from the MBA, dated.
• Lowest rate todayCommercial mortgage programs ranked by today's rate: the live Treasury or SOFR plus each program's dated spread, next to rates on loans that closed.
• Commercial mortgage calculatorMonthly payment, balloon at maturity, interest-only period and annual debt service on a commercial mortgage, priced from today's Treasury or SOFR reading.
• Loan sizer (LTV, DSCR, debt yield)See the largest commercial mortgage your property supports under each lender type’s LTV, DSCR and debt yield limits, at today’s index rates.
• How Commercial.Mortgage builds its rates, with every sourceThe index series, the spread sources and dates, the freshness rules and the formulas behind every rate and loan size on Commercial.Mortgage.

Sources

1. Northmarq, Rates & Spreads (Multifamily Conventional), as of October 22, 2026
2. CRED iQ, CRE Loan Spreads Tighten Across Property Types (Apr 17, 2026), as of March 31, 2026
3. KKR Real Estate Finance Trust 10-Q, Q3 2026, as of September 30, 2026
4. Granite Point Mortgage Trust 10-Q, Q2 2026, as of June 30, 2026
5. Blackstone Mortgage Trust 10-Q, Q3 2026, as of September 30, 2026
6. CFPB/FFIEC HMDA 2025 public data, multifamily originations (Data Browser), as of December 31, 2025
7. CBRE Lending Momentum Index, Q2 2026 press release (Aug 3, 2026), as of June 30, 2026
8. CRED iQ, The Power of One: Why SASB Outruns Conduits 3 to 1 (Oct 22, 2026), as of September 30, 2026
9. CRED iQ, State of Conduit CMBS (Sep 17, 2026), as of August 31, 2026
10. MSBAM 2026-C36 term sheet (FWP, SEC EDGAR, filed Aug 6, 2026), as of August 6, 2026
11. BANK5 2026-5YR24 term sheet (FWP, SEC EDGAR, filed Aug 12, 2026), as of August 12, 2026
12. BBCMS 2026-5C43 term sheet (FWP, SEC EDGAR, filed Oct 6, 2026), as of October 6, 2026
13. SomerCor (SBA-certified development company), October 2026 SBA 504 Interest Rates, as of October 8, 2026
14. Ohio Statewide Development Corporation (SBA-certified development company), SBA 504 Rate History, as of October 8, 2026
15. Growth Corp (SBA-certified development company), SBA 504 Rate Pricing, as of October 8, 2026
16. TPG RE Finance Trust 10-Q, Q3 2026, as of September 30, 2026
17. Ladder Capital Corp 10-Q, Q3 2026, as of September 30, 2026
18. Velocity Financial, Inc. 2Q26 Results Presentation, Exhibit 99 to Form 8-K, August 5, 2026 (SEC EDGAR), as of June 30, 2026
19. Sachem Capital Corp. Form 10-Q for the quarter ended June 30, 2026 (SEC EDGAR), as of June 30, 2026
20. ACLI Life Insurers Fact Book 2025 (80th ed.), as of December 31, 2024
21. Velocity Financial, Inc. Form 10-Q for the quarter ended June 30, 2026 (SEC EDGAR), as of June 30, 2026
22. Federal Reserve, FOMC statement, October 28, 2026, as of October 28, 2026
23. MBA NewsLink, MBA CREF Forecast 2026, as of February 10, 2026
24. SBA Information Notice 5000-869666, 504 Debenture Funding Schedule for Calendar Year 2026, as of September 5, 2025
25. U.S. Department of the Treasury, daily par yield curve rates, as of October 30, 2026
26. Federal Reserve Bank of New York, as of October 29, 2026
27. Federal Reserve Bank of New York, as of October 30, 2026
28. Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates, as of October 29, 2026

How we check figures: methodology and editorial policy.