Today's CMBS Loan Rates, July 2026

As of July 2026, CMBS conduit rates are 5.60–7.10% (10-yr fixed, non-recourse) by property type: multifamily 5.50–6.30%, industrial 5.50–6.30%, self-storage 5.65–6.65%, hotel 5.85–6.85%, retail 5.95–6.95%, office 6.00–7.10%. Spread over 10-yr Treasury (4.38%) is 175-275 bps.

CMBS conduit rates (5.60–7.10%) are typically 50-150 bps lower than bank portfolio CRE rates (6.50–8.50%) for stabilized $5M+ deals because CMBS is securitized and pooled. CMBS is also non-recourse, vs banks typically requiring recourse. Trade-off: CMBS has defeasance/yield-maintenance prepay; banks are more flexible.

10-yr Treasury yield is 4.38% as of July 2026 (Federal Reserve H.15), down from 4.45% in early March. The 10-yr is the primary base rate for CMBS conduit pricing. CMBS spreads currently +175-275 bps over 10-yr depending on property type and sponsor profile.

July 2026 CMBS conduit spreads: AAA bond +78 bps (tightened from +95 in February), full conduit loan spreads 175-275 bps over 10-yr Treasury. Multifamily and industrial price tightest (175-200), office widest (250-275). Spread compression in April reflected strong investor demand following $125.6B 2025 issuance, highest since 2007 (Trepp).

CMBS rates have been broadly stable through mid-2026, with the 10-yr Treasury near 4.38% and conduit spreads holding tight. Forward curves suggest further 25-50 bps compression possible through year-end if Fed signals rate cuts. CMBS issuance is on pace for another $125B+ year, supporting tight spreads.

July 2026 CMBS max LTVs by property type: multifamily 75%, industrial 70%, retail (anchored) 70%, self-storage 70%, hotel 65%, office 65%. Min DSCR 1.25-1.40x. Trophy assets with strong sponsorship may stretch to top-of-band. Higher LTV is achievable via mezzanine debt subordinate to CMBS senior.

CMBS loans typically lock prepayment via defeasance (substitute Treasury collateral) or yield maintenance (pay PV of remaining interest). Lockout period usually 24-48 mo, then defeasance window for years 3-9 of a 10-yr term. Open prepay typically last 3-6 months. This is the biggest CMBS friction vs bank/life-co loans.

Yes, CMBS conduit loans are non-recourse to the borrower except for standard 'bad-boy' carve-outs (fraud, misappropriation, environmental). The underlying collateral (the property) is the recourse. This is the single biggest reason institutional sponsors choose CMBS over bank/portfolio loans.

Roughly a dozen conduit shelves are actively originating in July 2026, spanning four archetypes: major investment bank conduits, specialty mid market conduits, small balance CMBS specialists, and European anchored platforms. Each runs a securitization shelf and originates loans for pooled CMBS execution, and each shelf's appetite shifts with its pool composition quarter to quarter. PeerSense routes each deal to the conduit whose pool actually wants it rather than publishing a static name list that goes stale.

Practical CMBS conduit minimum is $5M. Below $5M, loans are typically routed to small balance CMBS specialist programs at slightly wider spreads (+25 to 50 bps). True conduit shelves prefer $10M+ for execution efficiency. Largest CMBS deals are $500M+ trophy assets.

Retail anchored conduit pricing starts as a range, then firms into a mid rate, the midpoint of that range, once the rent roll, anchor lease term, and sales per square foot are underwritten. July 2026 retail (anchored) indicative range is 5.95 to 6.95 percent. A clean grocery anchored file with a long anchor lease term and strong sales prices near the middle to tight end; a shorter lease term or thinner sales history prices toward the wide end. The final number firms up only after credit committee reviews anchor tenant financials.

The right advisor has active relationships across multiple conduit shelves, not one lender's book, because pool composition and appetite shift quarter to quarter and the same deal can price 25 to 50 bps apart across shelves. PeerSense tracks pool targeting across the active conduit market and routes each $5M+ deal to the shelf whose pool actually wants it, running the process in parallel instead of sequential cold submissions.