Multifamily loan rates by state
Nationally, 2025 HMDA data shows a 6.50% median note rate on 2025 multifamily originations1. State medians ran from 5.85% to 7.49%: lowest in Hawaii (5.85%), Nevada (5.96%), California (6.00%), highest in Louisiana (7.49%), Arkansas (7.38%), Kansas (7.26%). Loan size and term explain much of the gap.
Median rate and middle half of loans, by state
Dot: median rate. Bar: the middle half of loans (25th to 75th percentile). States with fewer than 30 reported loans are left out.
Every state
| State | Median rate | Middle half | Median term | Median loan | Refinance share | Vs. U.S. median for its size | Loans |
|---|---|---|---|---|---|---|---|
| Alabama | 7.09% | 6.50% to 7.75% | 60 months | $755,000 | 52.9% | +34 bps (5 to 24 units) | 571 |
| Alaska | 7.25% | 6.75% to 7.75% | 180 months | $660,000 | 47.7% | +50 bps (5 to 24 units) | 86 |
| Arizona | 6.50% | 5.73% to 7.09% | 99 months | $2.9 million | 49.9% | +15 bps (25 to 49 units) | 475 |
| Arkansas | 7.38% | 6.79% to 7.75% | 60 months | $805,000 | 40.9% | +63 bps (5 to 24 units) | 638 |
| California | 6.00% | 5.76% to 6.42% | 180 months | $1.9 million | 56.4% | −35 bps (25 to 49 units) | 5,759 |
| Colorado | 6.21% | 5.50% to 6.79% | 84 months | $2.2 million | 41.2% | −14 bps (25 to 49 units) | 480 |
| Connecticut | 6.77% | 6.27% to 7.74% | 144 months | $1.2 million | 47.9% | +2 bps (5 to 24 units) | 530 |
| Delaware | 6.75% | 5.89% to 7.25% | 62 months | $1.1 million | 52.2% | level (5 to 24 units) | 46 |
| District of Columbia | 6.38% | 5.76% to 7.25% | 120 months | $2.6 million | 62.9% | +3 bps (25 to 49 units) | 151 |
| Florida | 6.35% | 5.60% to 7.15% | 84 months | $3.1 million | 53.9% | level (25 to 49 units) | 1,196 |
| Georgia | 6.75% | 5.70% to 7.58% | 60 months | $1.0 million | 55.8% | level (5 to 24 units) | 1,050 |
| Hawaii | 5.85% | 5.50% to 6.25% | 120 months | $1.6 million | 40.8% | −50 bps (25 to 49 units) | 76 |
| Idaho | 6.25% | 5.64% to 6.82% | 120 months | $3.0 million | 46.8% | −10 bps (25 to 49 units) | 124 |
| Illinois | 6.49% | 5.93% to 7.04% | 60 months | $785,000 | 48.0% | −26 bps (5 to 24 units) | 2,879 |
| Indiana | 6.90% | 6.47% to 7.38% | 60 months | $805,000 | 46.6% | +15 bps (5 to 24 units) | 889 |
| Iowa | 6.64% | 6.14% to 7.15% | 60 months | $305,000 | 35.4% | −11 bps (5 to 24 units) | 1,133 |
| Kansas | 7.26% | 6.75% to 7.75% | 84 months | $425,000 | 51.0% | +51 bps (5 to 24 units) | 809 |
| Kentucky | 6.99% | 6.74% to 7.38% | 73 months | $765,000 | 37.7% | +24 bps (5 to 24 units) | 863 |
| Louisiana | 7.49% | 6.93% to 7.85% | 60 months | $435,000 | 59.2% | +74 bps (5 to 24 units) | 924 |
| Maine | 7.00% | 6.64% to 7.50% | 180 months | $665,000 | 28.1% | +25 bps (5 to 24 units) | 324 |
| Maryland | 6.50% | 5.72% to 7.42% | 120 months | $1.4 million | 53.1% | +15 bps (25 to 49 units) | 277 |
| Massachusetts | 6.50% | 6.13% to 7.00% | 120 months | $1.4 million | 39.7% | +15 bps (25 to 49 units) | 1,326 |
| Michigan | 6.71% | 6.22% to 7.25% | 60 months | $1.0 million | 49.1% | −4 bps (5 to 24 units) | 802 |
| Minnesota | 6.25% | 5.75% to 6.93% | 60 months | $1.2 million | 38.1% | −50 bps (5 to 24 units) | 821 |
| Mississippi | 7.25% | 6.50% to 7.85% | 60 months | $445,000 | 57.7% | +50 bps (5 to 24 units) | 381 |
| Missouri | 7.00% | 6.50% to 7.50% | 60 months | $605,000 | 40.5% | +25 bps (5 to 24 units) | 1,372 |
| Montana | 6.88% | 6.36% to 7.25% | 120 months | $975,000 | 38.9% | +13 bps (5 to 24 units) | 185 |
| Nebraska | 7.00% | 6.51% to 7.50% | 60 months | $345,000 | 41.9% | +25 bps (5 to 24 units) | 752 |
| Nevada | 5.96% | 5.31% to 6.75% | 84 months | $5.2 million | 67.1% | −24 bps (50 to 99 units) | 149 |
| New Hampshire | 6.65% | 6.20% to 7.00% | 120 months | $995,000 | 33.6% | −10 bps (5 to 24 units) | 253 |
| New Jersey | 6.45% | 5.93% to 7.75% | 120 months | $1.9 million | 54.9% | +10 bps (25 to 49 units) | 953 |
| New Mexico | 6.50% | 5.37% to 7.38% | 72 months | $2.1 million | 58.1% | +15 bps (25 to 49 units) | 105 |
| New York | 6.32% | 5.90% to 6.87% | 120 months | $2.2 million | 63.8% | −3 bps (25 to 49 units) | 3,347 |
| North Carolina | 6.50% | 5.85% to 7.20% | 60 months | $1.8 million | 43.7% | +15 bps (25 to 49 units) | 862 |
| North Dakota | 6.50% | 6.19% to 7.10% | 60 months | $775,000 | 39.9% | −25 bps (5 to 24 units) | 261 |
| Ohio | 6.85% | 6.37% to 7.49% | 120 months | $925,000 | 47.9% | +10 bps (5 to 24 units) | 1,422 |
| Oklahoma | 7.00% | 6.50% to 7.50% | 60 months | $815,000 | 51.1% | +25 bps (5 to 24 units) | 579 |
| Oregon | 6.00% | 5.67% to 6.63% | 120 months | $2.2 million | 51.3% | −35 bps (25 to 49 units) | 470 |
| Pennsylvania | 6.75% | 6.25% to 7.33% | 120 months | $705,000 | 47.4% | level (5 to 24 units) | 1,890 |
| Rhode Island | 6.88% | 6.50% to 7.50% | 120 months | $905,000 | 46.6% | +13 bps (5 to 24 units) | 253 |
| South Carolina | 6.50% | 5.78% to 7.07% | 60 months | $2.3 million | 46.0% | +15 bps (25 to 49 units) | 452 |
| South Dakota | 7.05% | 6.73% to 7.64% | 60 months | $505,000 | 41.6% | +30 bps (5 to 24 units) | 238 |
| Tennessee | 6.80% | 6.19% to 7.35% | 60 months | $1.1 million | 44.4% | +5 bps (5 to 24 units) | 824 |
| Texas | 6.70% | 5.66% to 7.50% | 84 months | $2.0 million | 45.8% | +35 bps (25 to 49 units) | 2,005 |
| Utah | 6.28% | 5.54% to 6.78% | 84 months | $4.4 million | 56.2% | +8 bps (50 to 99 units) | 178 |
| Vermont | 6.72% | 6.38% to 7.02% | 216 months | $495,000 | 22.7% | −3 bps (5 to 24 units) | 132 |
| Virginia | 6.50% | 5.57% to 7.00% | 84 months | $1.6 million | 46.8% | +15 bps (25 to 49 units) | 624 |
| Washington | 6.07% | 5.66% to 6.62% | 120 months | $2.7 million | 51.6% | −28 bps (25 to 49 units) | 900 |
| West Virginia | 6.90% | 6.59% to 7.35% | 120 months | $545,000 | 38.4% | +15 bps (5 to 24 units) | 219 |
| Wisconsin | 6.50% | 6.11% to 7.00% | 60 months | $655,000 | 39.7% | −25 bps (5 to 24 units) | 1,948 |
| Wyoming | 6.77% | 6.51% to 7.18% | 120 months | $635,000 | 33.3% | +2 bps (5 to 24 units) | 63 |
| United States | 6.50%1 | 5.93% to 7.25% | 120 months | $1.2 million | 48.9% | 43,226 |
What HMDA covers, and what it misses
The Home Mortgage Disclosure Act makes banks, credit unions and mortgage companies above its reporting thresholds file every dwelling-secured loan, including loans on apartment buildings of five or more units. The 2025 file holds 43,226 multifamily (5+ unit) loans originated and reported under HMDA in 20252. It is the most complete public record of what apartment owners actually paid, state by state.
It is not the whole market. Most life company and CMBS conduit loans are not reported, and Fannie Mae and Freddie Mac loans appear only when the lender that made them reports. So read these figures as the bank, credit union and reporting-lender market. Smaller banks and credit unions that qualify for a partial exemption can skip the rate and term fields: across the states, 26.4% of loans have no reported rate, which is why the table shows each state's loan count.
Why rates differ from state to state
Most of the gap between state medians comes from differences in the loans themselves: their size, their term, their purpose and when in the year they closed.
Loan size
Bigger buildings borrow more and pay less. Nationally, by building size:
| Building size | Median loan | Median rate |
|---|---|---|
| 5 to 24 units | $725,0001 | 6.75%1 |
| 25 to 49 units | $2.4 million1 | 6.35%1 |
| 50 to 99 units | $5.1 million1 | 6.20%1 |
| 100 to 149 units | $10 million1 | 5.95%1 |
| 150 units or more | $28 million1 | 5.56%1 |
A state where most apartment loans finance small walk-ups will show a higher median than a state dominated by large complexes, with no difference in what any one borrower would be quoted. That is why the state table also compares each state's median with the national median for the building-size band its typical loan falls in.
Term and lender type
In 19 states the median loan ran five years or less, the shape of community bank balloon lending; in 4 the median ran fifteen years or more. Nationally, 75.2% carried a balloon payment1 and 41.2% had an interest-only period1. A short median term points to a market led by local banks and credit unions; a long one points to more long-term fixed lending.
Purpose and timing
Refinances and purchases price differently, and a state whose loans were mostly refinances also reflects when those owners chose to refinance during the year. HMDA records the rate at origination, so a state with more closings in months when Treasury yields were lower can show a lower median.
Leverage
HMDA reports combined loan-to-value. Nationally: 64.5% median combined loan-to-value1. Lower leverage earns a lower rate at almost every lender type.
How to use these numbers on your deal
- Compare your quote with the middle half of loans in your state, not just the median. A quote inside the range is ordinary; one above the top of it needs a reason.
- Adjust for size. Compare a small-building loan with the national size band for its building, in the table above, not with the all-loan median.
- Adjust for time. These are 2025 closings. Today's prices start from the live index on the rates page.
- Read the term. A low rate on a five-year balloon and a higher rate on a ten-year fixed loan are different products.
For the programs that lend on these buildings, ranked, see small apartment buildings and best loans for small apartment buildings.
Financing an apartment building today
Rates have moved since these loans closed. Fixed-rate apartment loans price over the 10-year Treasury, which was 4.94% on . Loan size decides much of the lender field. Freddie Mac Conventional Small is generally a program for loans of $2.0 million3 and up, and in 38 of the 51 markets the median loan was below that. Below the floor, Fannie Mae small loans, community banks, credit unions and non-bank DSCR lenders are the realistic field; above it, a stabilized building can draw both agencies' small loan programs as well as bank and credit union offers. The median loan column in the state table shows which side of the line each state falls on. Today's indicative rates by program are on the rates page.
How the size-matched column works
The national figures cover all 43,226 reported loans. The "vs. U.S. median for its size" column compares a state's median rate with the national median for the building-size band whose median loan is closest (on a log scale) to the state's median loan, using the size table above. A positive number means the state's loans priced above the national median for loans of that size.
Method
CFPB and FFIEC HMDA 2025 public data, originated loans only, dwelling category multifamily (site-built and manufactured), grouped by property state. States with fewer than 30 originations are omitted (Puerto Rico had fewer). Rate and term statistics use only loans with a reported value: a numeric rate above zero and at most 30%, and a numeric term. Medians and quartiles are computed directly from those loans. Loan amounts in public HMDA are the midpoint of a $10,000 band, so they are shown rounded. Refinance share counts refinances and cash-out refinances over all originations. Aggregates only: no lender is named or identifiable. An independent check recomputed every state from a fresh download with no differences.
Sources
- CFPB/FFIEC HMDA 2025 public data, multifamily originations (Data Browser), as of December 31, 2025
- CFPB/FFIEC HMDA 2025 public data, multifamily originations (Data Browser), as of December 31, 2025
- Freddie Mac Multifamily, Optigo Conventional Small Term Sheet, as of April 2026
- CFPB and FFIEC HMDA Data Browser, 2025 multifamily originations by state, as of December 31, 2025
How we check figures: methodology and editorial policy.