Commercial mortgage rates today
Indicative rates run from 5.95% to 7.50%, depending on who lends. Each one below is that lender type's index today plus a spread range from a dated, published source. The 10-year Treasury most of them price from was 5.00% on October 23, 2026.
Rates by lender type
| Lender type | Index | Spread range | Indicative rate | Spread source |
|---|---|---|---|---|
| Banks and credit unions | 5-year Treasury 4.82% on October 23, 2026 | Not published | Ask the bank | No public source |
| Life insurance companies | 10-year Treasury 5.00% on October 23, 2026 | 115 to 220 bps | 6.15 to 7.20% | Northmarq, Current Rates sheet, October 21, 2026; ACLI Commercial Mortgage Commitments, as restated by Nassau CorAmerica (2026 white paper), December 31, 2025 |
| CMBS (conduit) lenders | 10-year Treasury 5.00% on October 23, 2026 | 175 to 250 bps | 6.75 to 7.50% | Northmarq, Current Rates sheet, October 21, 2026; CRED iQ, CRE loan spreads by property type, March 31, 2026 |
| Agency (Fannie Mae, Freddie Mac, FHA) | 10-year Treasury 5.00% on October 23, 2026 | 95 to 190 bps | 5.95 to 6.90% | Northmarq, Current Rates sheet, October 21, 2026 |
| Debt funds and bridge lenders | 30-day average SOFR 3.89% on October 23, 2026 | 300 to 359 bps | 6.89 to 7.48% | Mortgage REIT quarterly reports (Form 10-Q) for the quarter ended June 30, 2026, June 30, 2026 |
Bank. No public source publishes bank commercial mortgage spreads. Each bank prices off its own cost of funds, often over the 5-year Treasury, SOFR or prime, and the spread moves with the deposit relationship it wants from you.
Life company. Northmarq’s October 21, 2026 sheet shows 10-year life company loans from 115 bps (multifamily at 50% LTV) to 220 bps (commercial at 60% LTV). ACLI’s industry average spread on new life company loans was 1.87% over Treasuries for 2025.
CMBS. Northmarq’s October 21, 2026 sheet shows conduit loans at 65% LTV from 175 to 250 bps (5- and 10-year terms). CRED iQ’s April 17, 2026 report put 10-year conduit pricing near 250 bps.
Agency. Fannie Mae and Freddie Mac don’t publish loan spreads. Northmarq’s October 21, 2026 sheet shows fixed-rate Freddie Mac loans from 95 to 160 bps and Fannie Mae loans from 105 to 190 bps, depending on term and loan-to-value. Multifamily only.
Debt fund. Public mortgage REITs that make bridge loans report their books’ average coupon. At June 30, 2026: Blackstone Mortgage Trust +3.13%, KKR Real Estate Finance +3.0% and Granite Point S+3.59%. These are whole portfolios, including older loans, so new loans can price above or below. The REITs use Term SOFR and other benchmarks; this site adds the spread to 30-day average SOFR because Term SOFR is a licensed CME product.
The index rates, live
Fixed-rate loans price off the Treasury yield that matches their term. Floating-rate loans price off SOFR. These refresh from Treasury, the Federal Reserve and the New York Fed while you're on the page.
4.82%
4.89%
5.00%
3.90%
3.89%
7.00%
Treasury yields: U.S. Treasury daily par yield curve. Prime: Federal Reserve H.15. SOFR: New York Fed. A reading is marked stale once it is more than five days old. © 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org. This site is not affiliated with the New York Fed.
Get an email when a rate crosses your number
Waiting for the 10-year to come in before you lock a fixed-rate loan, or watching SOFR on a floating loan? Pick the level. The alert fires the first time the published reading crosses it, checked against the same Treasury and New York Fed data the board above shows.
Rates by property type
Office paid 66 bps more than multifamily at March 31, 2026. These are spreads on 60 to 65% LTV permanent loans over the 10-year Treasury, measured by CRED iQ at March 31, 2026, added to today's 10-year yield.
| Property type | Spread (3/31/2026) | Indicative rate today |
|---|---|---|
| Multifamily | 154 bps | 6.54% |
| Industrial | 162 bps | 6.62% |
| Retail | 176 bps | 6.76% |
| Office | 220 bps | 7.20% |
What loans actually closed at
The ranges above are what lenders are quoting. For what borrowers actually got, CBRE's Q2 2026 lending survey is the most recent public read: across the fixed-rate, five-to-10-year permanent loans CBRE originated or brokered, the average commercial spread was 204 bps and the average multifamily spread 162 bps. The average rate was 5.7%, average LTV 59.6% on commercial and 63.3% on multifamily, average DSCR 1.43 and average debt yield 10.2%. (CBRE, August 3, 2026)
Two things in that survey matter for pricing your deal. Lenders are cutting spread to win loans rather than raising loan-to-value, so a request at modest loan-to-value gets the most competition. And CBRE says the gap between SOFR and the 5-year fixed rate is pushing more borrowers into floating-rate loans.
What moves your rate inside the range
Loan-to-value moves it most visibly. On Northmarq's October 21 sheet, a 10-year Freddie Mac loan at 55% LTV prices 95 to 100 bps over Treasuries and the same loan at 80% prices 115 to 135. Property type and quality, the sponsor's track record, the term and how much prepayment flexibility you want all move it too.
The loan sizer shows how much these rates let you borrow, and the methodology page lists every source and how often it changes.
Questions people ask
What is the commercial mortgage rate today?
Indications run from about 5.95% to 7.50% depending on the lender type, with agency loans at the low end and CMBS loans at the high end today. Each figure is the lender type's index today plus a published spread range, so it moves every day the index does.
Why are commercial mortgage rates quoted as a spread?
Because lenders fund at a market rate and add a margin for the risk of your loan. Fixed-rate loans price over the Treasury yield that matches their term; floating loans price over SOFR. When the 10-year Treasury moved 17 bps between October 21 and 22, 2026, every fixed-rate indication moved with it, though no lender changed anything.
Do commercial mortgage rates differ by property type?
Yes. On 60 to 65% LTV permanent loans at March 31, 2026, CRED iQ measured spreads of 154 bps for multifamily, 162 for industrial, 176 for retail and 220 for office over the 10-year Treasury. No public source publishes a current spread for hotels, so this site doesn't show one.
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