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 5.25–5.95% on Fannie Mae DUS, 5.30–6.00% on Freddie Mac (Optigo + Small Balance Loan), and 5.10–5.75% 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 60–65% on cash-flowing stabilized assets, stepping up to 70–75% 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) | 5.10–5.75% | 35-yr fixed, fully amortizing | 75% |
| Fannie Mae DUS | 5.25–5.95% | 5–30 yr fixed, 30-yr amort | 75% |
| Freddie Mac Optigo | 5.30–6.00% | 5–30 yr fixed, 30-yr amort | 75% |
| Freddie Mac SBL | 5.30–6.00% | 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 60–65%; the 70–75% LTV ceiling shown is a strong-file maximum, not the default. Spreads run roughly 175–220 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 5.25–5.95%, Freddie Mac SBL 5.30–6.00%, HUD 223(f) 5.10–5.75%, CMBS multifamily 5.50–6.30%, bank portfolio 6.25–7.50%, multifamily bridge 9.00–10.50%. 10-yr Treasury 4.20%; agency spreads 175-220 bps.
, PeerSense Capital Advisory · Updated May 1, 2026
Multifamily Loan Rates by Program, May 1, 2026
As of
| Program | Current Rate | Term |
|---|---|---|
| HUD 223(f) Refinance | 5.10–5.75% | 35-yr fully amortizing |
| Fannie Mae DUS | 5.25–5.95% | 5–30 yr fixed/float |
| Freddie Mac Optigo | 5.30–6.00% | 5–30 yr fixed/float |
| Freddie Mac SBL | 5.30–6.00% | 5/7/10/15/20 yr |
| CMBS Multifamily | 5.50–6.30% | 10-yr fixed |
| Bank Portfolio | 6.25–7.50% | 5–10 yr |
| Multifamily Bridge | 9.00–10.50% | 12–36 mo IO |
| DSCR Rental (1-4 unit) | 6.75–8.75% | 30-yr fixed |
- HUD 223(f) Refinance5.10–5.75%
- Term
- 35-yr fully amortizing
- Loan Size
- $2M – $100M+
- Best For
- Long-hold sponsors, MAP-approved
- Fannie Mae DUS5.25–5.95%
- Term
- 5–30 yr fixed/float
- Loan Size
- $1M – $100M+
- Best For
- Stabilized garden, mid-rise, senior
- Freddie Mac Optigo5.30–6.00%
- Term
- 5–30 yr fixed/float
- Loan Size
- $1M – $100M+
- Best For
- Workforce housing, senior, student
- Freddie Mac SBL5.30–6.00%
- Term
- 5/7/10/15/20 yr
- Loan Size
- $1M – $7.5M
- Best For
- Smaller-balance multifamily refi
- CMBS Multifamily5.50–6.30%
- Term
- 10-yr fixed
- Loan Size
- $5M – $500M+
- Best For
- Cash-out, trophy, portfolio recap
- Bank Portfolio6.25–7.50%
- Term
- 5–10 yr
- Loan Size
- $1M – $50M
- Best For
- Relationship + fast close
- Multifamily Bridge9.00–10.50%
- Term
- 12–36 mo IO
- Loan Size
- $5M – $200M+
- Best For
- Value-add, lease-up, repositioning
- DSCR Rental (1-4 unit)6.75–8.75%
- Term
- 30-yr fixed
- Loan Size
- $75K – $2M
- Best For
- 1-4 unit investor rentals
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 5-10 bps across all programs.
- Agency spreads stable at 175-220 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 25-50 bps pricing benefit for qualifying affordable assets. Mission-driven pricing remains the agency's tightest execution.
- Bridge spreads compressed 25-50 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): 5.10–5.75% (tightest, 35-yr amort, 6-9 mo timeline)
- Fannie Mae DUS: 5.25–5.95% (deepest balance + supplemental capacity)
- Freddie Mac Optigo: 5.30–6.00% (workforce housing pricing benefit)
- CMBS Multifamily: 5.50–6.30% (cash-out + trophy execution)
- Bank Portfolio: 6.25–7.50% (fast close + relationship)
- Multifamily Bridge: 9.00–10.50% (value-add + lease-up)
When Each Program Wins
HUD 223(f) wins on 30+ year hold thesis with patience for 6-9 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 12-36 months.
Where to Go Next
Full multifamily program details at Multifamily Loans. CMBS multifamily specifics at Multifamily CMBS. DSCR investor program (1-4 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 5.25–5.95%, Freddie Mac SBL 5.30–6.00%, HUD 223(f) 5.10–5.75%, CMBS multifamily 5.50–6.30%, bank portfolio 6.25–7.50%, multifamily bridge 9.00–10.50%. 10-yr Treasury 4.20%; agency spreads 175-220 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 5.10–5.95% with non-recourse + supplemental capacity. CMBS conduit at 5.50–6.30% 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 20-40 bps from March to May 2026 as 10-yr Treasury fell ~25 bps and agency spreads tightened ~10-15 bps. Forward curves suggest further 25-50 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–$100M+, 5–30 yr terms, non-recourse, prepay-flexibility options. Optigo + SBL (Small Balance Loan $1M-$7.5M): simpler underwriting, faster close 45–60 days. Both offer 65 to 75% LTV, 1.25x DSCR.
What are HUD 223(f) rates today?+
HUD 223(f) rates 5.10–5.75% as of May 2026, absolute tightest multifamily debt available, 25-50 bps below agency. 35-yr fully-amortizing fixed-rate, non-recourse, assumable. Trade-off: 6-9 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 70-75%, bridge 70-75% 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 (5.10–5.95%) but has GSE-specific underwriting + occupancy minimums + prepay constraints. CMBS multifamily (5.50–6.30%) 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 9.00–10.50% as of May 2026, typically interest-only 12–36 months. Used for value-add lease-up, repositioning, or pre-stabilization holds before agency or CMBS take-out. Loan size $5M–$200M+. LTV 70-75% as-is or 80-85% 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–$5M, multifamily bridge $5M. Below $1M, deals route to community banks or DSCR rental programs (1-4 unit residential separately).
See Related Rates by Program
PeerSense covers the full commercial capital stack. Rates and structures across our money pages, updated weekly.
SBA 7(a) & 504
5.50–11.75%Up to $5M acquisition / real estate / equipment, 10% down
CMBS Conduit
5.60–7.10%10-yr non-recourse fixed, $5M–$500M+, fully assumable
Bridge Loans
9.00–14.00%12–36 mo transitional, SOFR + 470-970 bps, 65-75% LTV
DSCR Investor
5.95–8.50%30-yr fixed rental, qualifies on property cash flow
Equipment Financing
5.50–12.00%Loan, lease, SBA 504, vendor, captive. Section 179 eligible
Hotel Financing
5.85–11.75%CMBS + SBA 504 + bridge + PIP across all flags
Mezzanine Debt
11.00–18.00%Subordinate to senior, $1M–$50M, capital stack fill
Private Credit
7.80–18.00%Non-bank flexibility, unitranche, recap, transitional
Invoice Factoring + ABL
0.5–3.5% / 30dB2B receivables, trucking / staffing / construction / govt
Editorial integrity: Rates compiled by PeerSense Capital Advisory. PeerSense is a capital advisory firm, not a lender. 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.