Multifamily Rate Tracker · Updated Weekly

Today's Multifamily Loan Rates — May 2026

Q: What's the best rate program for a $5M+ multifamily refi?

For stabilized $5M+ multifamily refinances, 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 (6.25–7.50%) but offers fastest close + relationship terms. PeerSense routes by property profile, sponsor strength, and prepay-flexibility needs.

Q: What's the difference between Fannie Mae DUS and Freddie Mac Optigo?

Both are agency multifamily programs with similar pricing. Fannie Mae DUS: $1M–$100M+, 5–30 yr terms, non-recourse, fixed/floating, prepay-flexibility options (defeasance, yield maintenance, declining-prepay). Freddie Mac Optigo + SBL (Small Balance Loan): $1M–$7.5M (SBL specifically), simpler underwriting, faster close 45–60 days. Both offer 65-80% LTV, 1.25x DSCR, and supplemental loans on stabilized assets.

Q: What are HUD 223(f) rates today?

HUD 223(f) rates are 5.10–5.75% as of May 2026 — the absolute tightest multifamily debt available in the U.S., 25-50 bps below agency. 35-yr fully-amortizing fixed-rate term, non-recourse, assumable. Trade-off: 6-9 month underwriting timeline, MAP-list sponsor approval, $50K MIP funding fee, and HUD's prevailing-wage labor compliance during construction or substantial rehab. Best fit: long-hold sponsors $5M+ with patience for the timeline.

Q: What's the maximum LTV for multifamily loans?

May 2026 multifamily LTV caps by program: Fannie Mae DUS 80% (75% on cash-out), Freddie Mac Optigo 80% (75% cash-out), HUD 223(f) 85% (80% cash-out), CMBS multifamily 75%, bank portfolio 70-75%, bridge 70-75% as-is or 80% LTC. Most agency cash-out refis cap at 75%. Higher leverage achievable via mezzanine debt subordinate to senior (typically capped at 85% combined LTV on stabilized).

Q: What are multifamily bridge rates?

Multifamily bridge rates are 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% loan-to-cost on heavy-rehab. Sponsor must demonstrate clear stabilization business plan + take-out path. PeerSense routes value-add bridge to specialist lenders.

Q: Who are the active multifamily lenders in May 2026?

Active multifamily originators May 2026: Fannie Mae DUS lenders (Berkadia, Walker & Dunlop, Greystone, Newmark, JLL, CBRE, KeyBank, Lument, NewPoint, Capital One, Greysteel — institutional channel), Freddie Mac Optigo + SBL lenders (similar list plus mid-market specialists), HUD MAP lenders, CMBS conduit shelves (JPMorgan, Wells Fargo, Goldman, Citi, Deutsche Bank), bank portfolio lenders (regional + community), and multifamily bridge specialists (institutional credit funds + private credit operators).

Q: What's the minimum multifamily loan size?

Practical multifamily program minimums: Freddie Mac SBL $1M, Fannie Mae DUS $1M, HUD 223(f) $2M, CMBS multifamily $5M (small-balance CMBS shelves down to $3M), bank portfolio $1M–$5M depending on lender, multifamily bridge $5M. Below $1M, deals route to community banks or DSCR rental programs (1-4 unit residential separately).

Current multifamily loan rates as of May 1, 2026 across Fannie Mae DUS, Freddie Mac Optigo + SBL, HUD 223(f), CMBS multifamily, bank portfolio, and multifamily bridge. Sourced from active agency originators and conduit shelves weekly.

Quick Answer

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 May 1, 2026

Program	Current Rate	Term	Loan Size	Best For
HUD 223(f) Refinance	5.10–5.75%	35-yr fully amortizing	$2M – $100M+	Long-hold sponsors, MAP-approved
Fannie Mae DUS	5.25–5.95%	5–30 yr fixed/float	$1M – $100M+	Stabilized garden, mid-rise, senior
Freddie Mac Optigo	5.30–6.00%	5–30 yr fixed/float	$1M – $100M+	Workforce housing, senior, student
Freddie Mac SBL	5.30–6.00%	5/7/10/15/20 yr	$1M – $7.5M	Smaller-balance multifamily refi
CMBS Multifamily	5.50–6.30%	10-yr fixed	$5M – $500M+	Cash-out, trophy, portfolio recap
Bank Portfolio	6.25–7.50%	5–10 yr	$1M – $50M	Relationship + fast close
Multifamily Bridge	9.00–10.50%	12–36 mo IO	$5M – $200M+	Value-add, lease-up, repositioning
DSCR Rental (1-4 unit)	6.75–8.75%	30-yr fixed	$75K – $2M	1-4 unit investor rentals

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 April 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.

Frequently Asked Questions — Current Multifamily Rates

What are current multifamily loan rates (May 2026)?+

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 65-80% 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 80% (75% cash-out), Freddie Optigo 80% (75% cash-out), HUD 223(f) 85% (80% 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: Fannie DUS lenders (institutional channel), Freddie Optigo + SBL lenders, HUD MAP lenders, CMBS conduit shelves (JPMorgan, Wells Fargo, Goldman, Citi, Deutsche Bank), bank portfolio (regional + community), and multifamily bridge specialists (institutional credit funds + 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).

Related Rate Hubs & Tools

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

See current rates

CMBS Conduit

5.60–7.10%

10-yr non-recourse fixed, $5M–$500M+, fully assumable

See current rates

Bridge Loans

9.00–14.00%

12–36 mo transitional, SOFR + 470-970 bps, 65-75% LTV

See current rates

DSCR Investor

5.95–8.50%

30-yr fixed rental, qualifies on property cash flow

See current rates

Equipment Financing

5.50–12.00%

Loan, lease, SBA 504, vendor, captive — Section 179 eligible

See current rates

Hotel Financing

5.85–11.75%

CMBS + SBA 504 + bridge + PIP across all flags

See current rates

Mezzanine Debt

11.00–18.00%

Subordinate to senior, $1M–$50M, capital stack fill

See current rates

Private Credit

7.80–18.00%

Non-bank flexibility, unitranche, recap, transitional

See current rates

Invoice Factoring + ABL

0.5–3.5% / 30d

B2B receivables, trucking / staffing / construction / govt

See current rates

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.