Commercial mortgage rates, updated every business day
Commercial mortgage rates, with the source behind every number
Every rate here is a public index plus a published spread, each with its source and date. Size your loan against each lender type's limits, then get real quotes.
Index rates today
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.
Indicative rates by lender type
Where a loan prices today, and why each lender type is different
Banks and credit unions
No published range
Local and regional banks: recourse is common, terms are shorter, and a deposit relationship moves price.
Life insurance companies
6.15 to 7.20%
The cheapest money for stabilized property at low loan-to-value, with long fixed terms and real prepayment penalties.
CMBS (conduit) lenders
6.75 to 7.50%
Non-recourse loans that are pooled into bonds: no personal guarantee, rigid servicing after closing.
Agency (Fannie Mae, Freddie Mac, FHA)
5.95 to 6.90%
Multifamily only. The highest loan-to-value on apartments, non-recourse, with published program rules.
Debt funds and bridge lenders
6.89 to 7.48%
Floating-rate, interest-only bridge loans for properties in transition, sized on the business plan, at a higher price.
Each range is that lender type's index today plus a published spread range. Sources and dates are on the rates page. These are indications, not quotes.
Why this site shows its work
The 10-year Treasury moved 17 bps in a single day this October: 5.13% on the 21st, 4.96% on the 22nd, per Treasury’s daily yield curve. Every fixed-rate commercial mortgage indication moved with it. A rate that doesn’t say which index it’s built on, and on what date, can be stale by the next morning.
So every rate here is broken into its two parts. The index comes straight from Treasury, the Federal Reserve or the New York Fed, with the date of the reading, and it refreshes while you read. The spread comes from the most recent published source for that lender type, named and dated next to the number. When nobody publishes a figure, as with bank spreads, the site says so instead of making one up.
Three ways to use it
- Check today’s rates by lender type and property type.
- Size your loan: put in the value and net operating income, and see the largest loan each lender type’s limits allow and which test stops it.
- Get quotes from Janover Capital’s desk once you know roughly what you’re asking for.
Questions people ask
How are commercial mortgage rates set?
As an index plus a spread. Fixed-rate loans price over the Treasury yield that matches the loan's term, usually the 5-, 7- or 10-year. Floating-rate loans price over SOFR. The spread is the lender's margin for the risk of your property and your loan, and it differs a lot by lender type.
Which lender has the lowest commercial mortgage rates?
For apartments, usually Fannie Mae or Freddie Mac. For other stabilized property at low loan-to-value, usually a life insurance company. Both come with strict prepayment terms. The wide end of CMBS and floating-rate bridge loans sit at the top of today's ranges.
Is this a quote?
No. These are indications built from public data. A quote depends on the property, the sponsor, the loan-to-value, the term and the day the rate locks. Use the get-quotes form when you want real numbers.
Want real quotes on your deal?
Send the property and the loan you want. Janover Capital's desk will shop it across lender types.