30 Year Agency Multifamily Loan Rates, June 2026
Current 30 year agency multifamily loan rates as of June 2026 across Fannie Mae DUS, Freddie Mac Optigo + SBL, and HUD 223(f), plus CMBS multifamily, bank portfolio, and multifamily bridge. Sourced from active agency originators and conduit shelves weekly.
Sources: Federal Reserve H.15 (10 yr Treasury), Fannie Mae Multifamily Trends, Freddie Mac Multifamily Outlook, MBA CREF Quarterly
What are 30 year agency multifamily loan rates in June 2026?
As of June 2026, 30 year agency multifamily loan rates are indicatively 5.25 to 5.95% on Fannie Mae DUS, 5.30 to 6.00% on Freddie Mac (Optigo + Small Balance Loan), and 5.10 to 5.75% on HUD 223(f), HUD is the tightest agency execution and amortizes over 35 years fully. Agency multifamily is non recourse with gold standard leverage of 60 to 65% on cash flowing stabilized assets, stepping up to 70 to 75% LTV on the strongest files. These are indicative ranges, not quotes.
, PeerSense Capital Advisory · 30-Year Agency Multifamily · Indicative as of June 2026
| Agency Program | Indicative Rate | Term / Amortization | Typical Max LTV |
|---|---|---|---|
| HUD 223(f) | 5.10 to 5.75% | 35 yr fixed, fully amortizing | 75% |
| Fannie Mae DUS | 5.25 to 5.95% | 5 to 30 yr fixed, 30 yr amort | 75% |
| Freddie Mac Optigo | 5.30 to 6.00% | 5 to 30 yr fixed, 30 yr amort | 75% |
| Freddie Mac SBL | 5.30 to 6.00% | 5/7/10/15/20 yr, 30 yr amort | 75% |
Indicative, not a quote · As of June 2026. 30 year agency multifamily rate ranges across active Fannie Mae DUS, Freddie Mac Optigo + SBL, and HUD MAP originators. Gold standard leverage on cash flowing stabilized assets is 60 to 65%; the 70 to 75% LTV ceiling shown is a strong file maximum, not the default. Spreads run roughly 175 to 220 bps over the 10 yr Treasury and move daily. Actual pricing varies by sponsor, property, leverage, and market timing, consult an active agency originator for a transaction specific quote.
What are current multifamily loan rates as of May 1, 2026?
As of May 1, 2026, multifamily rates by program: Fannie Mae DUS 5.25 to 5.95%, Freddie Mac SBL 5.30 to 6.00%, HUD 223(f) 5.10 to 5.75%, CMBS multifamily 5.50 to 6.30%, bank portfolio 6.25 to 7.50%, multifamily bridge 9.00 to 10.50%. 10 yr Treasury 4.20%; agency spreads 175 to 220 bps.
, PeerSense Capital Advisory · Updated May 1, 2026
Apartment Refinance, October 2026
Who places a 10 million dollar apartment refinance?
A 10 million dollar apartment refinance is placed through a capital advisory firm that works with direct capital sources, based on the property, cash flow, tenancy, loan structure, and requested proceeds. As of October 1, 2026, PeerSense Capital Data tracked 80 apartment capital source boxes covering CMBS, bridge, agency, and permanent debt. These records describe the market and capital sources PeerSense tracks, not loans made by PeerSense.
PeerSense is a capital advisory firm that places files with direct capital sources. The client pays the fee. On this desk, CMBS and bridge assignments start at 10 million dollars, so the desk floor is 10 million dollars and up. The gold standard is 10 million dollars and up, DSCR of 1.25 or better, and no single weak tenant net lease.
The tracked boxes state a median loan size range of 1 million dollars to 30 million dollars, while the desk floor is 10 million dollars and up. The tracked market included 18 apartment financings, with 13 announced in the last 12 months and a median size of 21.25 million dollars. No outside publisher is cited for this page.
Tracked Lenders and Facilities
| Apartment capital source boxes | 80 |
|---|---|
| Boxes stating a maximum loan to value | 54, median 75 percent |
| Median stated loan size range | 1 million dollars to 30 million dollars |
| Apartment financings tracked in the market | 18, 13 announced in the last 12 months, median size 21.25 million dollars |
These are tracked capital sources and market financings, not PeerSense loans, from PeerSense Capital Data.
As of October 1, 2026. Next refresh November 1, 2026. The data date is October 1, 2026, and it is refreshed monthly. Read the Methodology
Common Questions
- What is the minimum apartment refinance size?
- The desk floor for CMBS and bridge is 10 million dollars and up. The tracked boxes show a median stated loan size range of 1 million dollars to 30 million dollars, which describes the boxes rather than the desk floor.
- What DSCR do I need for a 10 million dollar refinance?
- The desk gold standard is a DSCR of 1.25 or better. Only 7 tracked boxes state a minimum DSCR, so the market data does not support a DSCR average.
- How much loan to value can an apartment refinance support?
- Among 54 tracked boxes that state a maximum loan to value, the median is 75 percent. The applicable limit is set by the capital source and the property details.
- How many apartment financings are you tracking?
- PeerSense Capital Data tracked 18 apartment financings. Of those, 13 were announced in the last 12 months, and the median size was 21.25 million dollars.
- Does PeerSense fund the refinance?
- No. PeerSense is a capital advisory firm that places files with direct capital sources, and the client pays the fee. PeerSense does not lend, fund, approve, underwrite, or hold the loan.
Prepared by
Edward L. Freeman, Managing Director, is accountable for the PeerSense Capital Data program and its methodology. Read the Methodology
Discuss Your Apartment Refinance
Send the property details, current loan, requested proceeds, and timing to PeerSense at (317) 452 6990 or through the booking page, and the file can be reviewed for placement.
Multifamily Loan Rates by Program, May 1, 2026
As of
| Program | Current Rate | Term |
|---|---|---|
| HUD 223(f) Refinance | 5.10 to 5.75% | 35 yr fully amortizing |
| Fannie Mae DUS | 5.25 to 5.95% | 5 to 30 yr fixed/float |
| Freddie Mac Optigo | 5.30 to 6.00% | 5 to 30 yr fixed/float |
| Freddie Mac SBL | 5.30 to 6.00% | 5/7/10/15/20 yr |
| CMBS Multifamily | 5.50 to 6.30% | 10-yr fixed |
| Bank Portfolio | 6.25 to 7.50% | 5 to 10 yr |
| Multifamily Bridge | 9.00 to 10.50% | 12 to 36 mo IO |
| DSCR Rental (1 to 4 unit) | 6.75 to 8.75% | 30-yr fixed |
- HUD 223(f) Refinance5.10 to 5.75%
- Term
- 35 yr fully amortizing
- Loan Size
- $10M to $100M+
- Best For
- Long hold sponsors, MAP approved
- Fannie Mae DUS5.25 to 5.95%
- Term
- 5 to 30 yr fixed/float
- Loan Size
- $10M to $100M+
- Best For
- Stabilized garden, mid rise, senior
- Freddie Mac Optigo5.30 to 6.00%
- Term
- 5 to 30 yr fixed/float
- Loan Size
- $10M to $100M+
- Best For
- Workforce housing, senior, student
- Freddie Mac SBL5.30 to 6.00%
- Term
- 5/7/10/15/20 yr
- Loan Size
- $1M to $7.5M
- Best For
- Smaller balance multifamily refi
- CMBS Multifamily5.50 to 6.30%
- Term
- 10-yr fixed
- Loan Size
- $10M to $500M+
- Best For
- Cash out, trophy, portfolio recap
- Bank Portfolio6.25 to 7.50%
- Term
- 5 to 10 yr
- Loan Size
- $10M to $50M
- Best For
- Relationship + fast close
- Multifamily Bridge9.00 to 10.50%
- Term
- 12 to 36 mo IO
- Loan Size
- $10M to $200M+
- Best For
- Value add, lease up, repositioning
- DSCR Rental (1 to 4 unit)6.75 to 8.75%
- Term
- 30-yr fixed
- Loan Size
- Market data: $75K to $2M
- Best For
- 1 to 4 unit investor rentals. This desk works DSCR at $10 million and up, portfolio and multi property.
Rates indicative as of May 1, 2026 across active agency DUS/Optigo originators, HUD MAP lenders, CMBS conduits, and bank portfolio lenders. Spread over 10-yr Treasury 175-220 bps for agency, 175-225 for CMBS multifamily, +200-330 for bank portfolio. 10Y Treasury baseline 4.20% (Federal Reserve H.15).
What Changed This Month (May 2026 vs May 2026)
- 10 yr Treasury fell 5 bps, from 4.25% to 4.20%. Mechanically dropped multifamily rates 5 to 10 bps across all programs.
- Agency spreads stable at 175 to 220 bps, Fannie + Freddie 2026 capacity expanded $5B (combined $145B target). Strong DUS/Optigo origination volume keeps spreads anchored.
- Workforce housing initiatives, Freddie Mac launched expanded workforce housing program with 25 to 50 bps pricing benefit for qualifying affordable assets. Mission driven pricing remains the agency's tightest execution.
- Bridge spreads compressed 25 to 50 bps, institutional credit appetite for multifamily value add returned in April, narrowing bridge to perm exit spreads.
Multifamily Program Comparison, May 2026
- HUD 223(f): 5.10 to 5.75% (tightest, 35 yr amort, 6 to 9 mo timeline)
- Fannie Mae DUS: 5.25 to 5.95% (deepest balance + supplemental capacity)
- Freddie Mac Optigo: 5.30 to 6.00% (workforce housing pricing benefit)
- CMBS Multifamily: 5.50 to 6.30% (cash out + trophy execution)
- Bank Portfolio: 6.25 to 7.50% (fast close + relationship)
- Multifamily Bridge: 9.00 to 10.50% (value add + lease up)
When Each Program Wins
HUD 223(f) wins on 30+ year hold thesis with patience for 6 to 9 month underwriting + MAP sponsor approval. Fannie/Freddie win on most stabilized $5M+ deals, agency execution is the default. CMBS wins on cash out + portfolio recap + trophy assets $10M+. Bank portfolio wins on speed of close + relationship terms + flexibility on legacy assets banks already finance. Bridge wins on value add transitions where stabilization will support agency or CMBS take out within 12 to 36 months.
Where to Go Next
Full multifamily program details at Multifamily Loans. CMBS multifamily specifics at Multifamily CMBS. DSCR investor program (1 to 4 unit) at DSCR Rental Loans. Compare across all rate hubs at Commercial Lending Rates Hub.
Current Multifamily Rates Frequently Asked Questions
What are current multifamily loan rates (May 2026)?+
As of May 1, 2026, multifamily rates by program: Fannie Mae DUS 5.25 to 5.95%, Freddie Mac SBL 5.30 to 6.00%, HUD 223(f) 5.10 to 5.75%, CMBS multifamily 5.50 to 6.30%, bank portfolio 6.25 to 7.50%, multifamily bridge 9.00 to 10.50%. 10 yr Treasury 4.20%; agency spreads 175 to 220 bps.
What's the best rate program for a $5M+ multifamily refi?+
Agency (Fannie Mae DUS, Freddie Mac Optigo, HUD 223(f)) prices tightest at 5.10 to 5.95% with non recourse + supplemental capacity. CMBS conduit at 5.50 to 6.30% is competitive with cash out flexibility. Bank portfolio is wider but offers fastest close + relationship terms.
Are multifamily rates going down in 2026?+
Multifamily rates compressed 20 to 40 bps from March to May 2026 as 10 yr Treasury fell ~25 bps and agency spreads tightened ~10 to 15 bps. Forward curves suggest further 25 to 50 bps compression possible through year end if Fed signals additional rate cuts.
What's the difference between Fannie Mae DUS and Freddie Mac Optigo?+
Both agency multifamily programs with similar pricing. DUS: $1M to $100M+, 5 to 30 yr terms, non recourse, prepay flexibility options. Optigo + SBL (Small Balance Loan $1M to $7.5M): simpler underwriting, faster close 45 to 60 days. Both offer 65 to 75% LTV, 1.25x DSCR.
What are HUD 223(f) rates today?+
HUD 223(f) rates 5.10 to 5.75% as of May 2026, absolute tightest multifamily debt available, 25 to 50 bps below agency. 35 yr fully amortizing fixed rate, non recourse, assumable. Trade off: 6 to 9 month timeline, MAP list sponsor approval, $50K MIP funding fee, prevailing wage compliance.
What's the maximum LTV for multifamily loans?+
May 2026 LTV caps: Fannie DUS 75% (75% cash out), Freddie Optigo 75% (75% cash out), HUD 223(f) 75% (75% cash out), CMBS multifamily 75%, bank portfolio 70 to 75%, bridge 70 to 75% as is or 80% LTC. Higher leverage achievable via mezzanine subordinate to senior (85% combined LTV cap).
What's the difference between agency and CMBS for multifamily?+
Agency (Fannie/Freddie/HUD) prices tightest (5.10 to 5.95%) but has GSE specific underwriting + occupancy minimums + prepay constraints. CMBS multifamily (5.50 to 6.30%) offers cash out flexibility, larger loan sizes ($100M+ comfortable), pool execution but uses defeasance prepay (heavy friction).
What are multifamily bridge rates?+
Multifamily bridge rates 9.00 to 10.50% as of May 2026, typically interest only 12 to 36 months. Used for value add lease up, repositioning, or pre stabilization holds before agency or CMBS take out. Loan size $5M to $200M+. LTV 70 to 75% as is or 80 to 85% LTC.
Who are the active multifamily lenders in May 2026?+
Active originators span six channels: Fannie DUS lenders (institutional channel), Freddie Optigo plus SBL lenders, HUD MAP lenders, CMBS conduit shelves at the major investment banks, bank portfolio (regional plus community), and multifamily bridge specialists (institutional credit funds plus private credit operators).
What's the minimum multifamily loan size?+
Practical program minimums: Freddie SBL $1M, Fannie DUS $1M, HUD 223(f) $2M, CMBS multifamily $5M (small balance shelves down to $3M), bank portfolio $1M to $5M, multifamily bridge $5M. Below $1M, deals route to community banks or DSCR rental programs (1 to 4 unit residential separately).
See Related Rates by Program
PeerSense covers the full commercial capital stack. These are indicative levels direct capital sources have been pricing across these programs as of October 1, 2026.
Originator warehouse
$100M a monthFocus $100 million a month. Will look at $10 million a month. $10 million is not the focus.
Invoice Factoring
0.5 to 3.5% / 30dB2B invoices from $20 million a month. Advance 80 to 95 percent of face.
CMBS Conduit
5.60 to 7.10%10 year Non Recourse fixed, $10 million and up, fully assumable
Bridge Loans
9.00 to 14.00%$10 million and up. Cash in about 35 percent. Name the takeout first.
Data Center
CRS to 89%$1 billion to $30 billion plus. Signed or guaranteed hyperscaler lease.
Contracted revenue sale
Up to 89%15 year lease signed or guaranteed by a hyperscaler. Size follows the lease.
Hotel Financing
SearchHotel financing is search only for $10 million and up, with cash in about 35 percent.
Private Credit
7.80 to 18.00%Non bank flexibility for commercial real estate at $10 million and up.
SBA 7(a) & 504
SearchSearch path. Not a growth lane on this desk.
Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Editorial integrity: Rates compiled by PeerSense Capital Advisory. PeerSense sources capital through a curated network of commercial lenders and capital sources. Content is for educational purposes only. Agency multifamily (Fannie DUS / Freddie Optigo / HUD 223(f)) program specifics are presented as market reference; PeerSense routes deals to agency eligible lender partners on a case by case basis based on borrower fit + loan profile. Rates and spreads reflect approximate May 1, 2026 market conditions and may not reflect conditions at time of reading. Spreads and pricing vary by sponsor, property, leverage, and market timing. Consult an active multifamily originator for transaction specific quotes.