Commercial Mortgage Rates
Commercial mortgage rates vary based on property type, loan structure, and market conditions. Here you can compare current commercial mortgage rates starting at 5.18% as of 1/29/26, including options for long-term financing, flexible repayment terms, and streamlined commercial loan approvals.
Commercial Mortgage Rates and Loan Terms as of January 29, 2026
| Loan Type | Starting Rate* | Max LTV |
|---|---|---|
| Multifamily Loan Over $6 Million | 5.18% | Up to 80% |
| Apartment Building Loan Under $6 Million | 5.58% | Up to 80% | Retail / Shopping Center Loan | 6.22% | Up to 75% |
| CMBS Loan | 6.22% | Up to 75% |
| NNN Single Tenant | 5.82% | Up to 75% |
| Mobile Home Park Loan | 5.58% | Up to 75% |
| Single Credit Tenant | 5.82% | Up to 75% |
| Owner-Occupied Commercial Loan | 6.02% | Up to 90% |
| Industrial Building Loan | 6.22% | Up to 75% |
| Office Building Loan | 6.22% | Up to 75% |
| Self-Storage Loan | 6.22% | Up to 75% |
| Medical Office / Healthcare Loan | 6.22% | Up to 75% |
| SBA 504 Loan | 5.87% | Up to 90% |
| SBA 7(a) Loan | 6.50% | Up to 90% |
| Special Purpose Property Loan | 6.50% | Up to 90% |
| Hotel Loan | 6.50% | Up to 90% |
| Motel Loan | 6.50% | Up to 90% |
| Bridge Loan | 9.00% | Up to 80% |
Commercial Mortgage Rates Update as of January 28, 2026
On January 28, 2026, the Federal Reserve kept the federal funds rate unchanged at 3.50% to 3.75%. Federal Reserve Chair Jerome Powell stated that the Committee will continue to monitor incoming economic data before changing course. This marked the first pause following three straight rate cuts in late 2025.
Why this matters for investors
As of the date this was written, the 10 year Treasury yield was approximately 4.26%, which has kept long term commercial loan rates from declining further. While short term rates have stabilized, lenders remain selective. Transactions with strong cash flow and conservative leverage continue to close, while marginal deals remain difficult.
Where rates are landing today
Commercial mortgage rates continue to track the 10 year Treasury and SOFR with deal by deal spreads. Treasury rates have trended higher despite earlier cuts to short term rates. Exact pricing depends on leverage, debt service coverage, property type, location, sponsor track record, and prepayment structure. Two borrowers on the same day may see very different outcomes.
Refinancing and loan maturities
Many loans originated between 2019 and 2021 are maturing in 2026 and are resetting at rates higher than their original notes. Borrowers should plan for tighter proceeds if net operating income has not kept pace and may need to pay down principal or consider bringing in a partner. Additional rate cuts are still expected later in 2026, but timing remains uncertain and data dependent.
Practical next steps for investors
- Underwrite new loans using current interest rates, realistic cap rates, and in place cash flow
- Look for opportunities to increase NOI by raising rents and reducing vacancy where possible
- Plan for more conservative loan to value ratios, debt service coverage requirements, and debt yield standards in today’s lending environment
Commercial Mortgage Benefits
Commercial mortgage rates start as low as 5.18% (as of January 29th, 2026)
• A commercial mortgage broker with over 30 years of lending experience
• No upfront application or processing fees
• Simplified application process
• Up to 80% LTV on multifamily, 75% on commercial (90% with SBA)
• Terms and amortizations up to 30 years
• Loans for purchase and refinance, including cash-out
• 24 hour written pre-approvals with no cost and no obligation
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Multifamily Loan Rates - Detailed
For the most accurate and up-to-date information on multifamily rates, rental market trends, and investment opportunities, select your state from the dropdown menu below:
Multifamily Rates Updated January 29th, 2026
| Multifamily Loan Rates Over $6,000,000 | Rate* | Amortization | |
|---|---|---|---|
| 5 Year Fixed | 5.18% | Up to 30 years | |
| 7 Year Fixed | 5.24% | Up to 30 years | |
| 10 Year Fixed | 5.27% | Up to 30 years |
- Tier 2 - 75-80%/1.25x
- Tier 3 - 65%/1.35x
- Tier 4 – 55%/1.55x
| Multifamily Loan Rates Under $6,000,000 | Rates* | Amortization | |
|---|---|---|---|
| 5 Year Fixed | 5.58% | Up to 30 years | |
| 7 Year Fixed | 5.64% | Up to 30 years | |
| 10 Year Fixed | 5.67% | Up to 30 years |
- Tier 2 - 75-80%/1.25x
- Tier 3 - 65%/1.35x
- Tier 4 – 55%/1.55x
Commercial Mortgage Rates - Detailed
For the most accurate and up-to-date information on rates, rental market trends, and investment opportunities, select your state from the dropdown menu below:
Commercial Mortgage Rates Updated January 29th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 3 Year Fixed | 6.06% | Up to 25 years |
| 5 Year Fixed | 6.22% | Up to 25 years |
| 7 Year Fixed | 6.42% | Up to 25 years |
| 10 Year Fixed | 6.62% | Up to 25 years |
CMBS Rates - Detailed
Updated January 29th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 10 Year Fixed | 6.22%-6.97% | Up to 30 years |
NNN Lease - Detailed
Updated January 29th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 3 Year Fixed | 5.66% | Up to 30 years |
| 5 Year Fixed | 5.82% | Up to 30 years |
| 7 Year Fixed | 6.02% | Up to 30 years |
| 10 Year Fixed | 6.22% | Up to 30 years |
Fannie Mae Small Balance Apartment - Detailed
Updated January 29th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 5 Year Fixed | 5.58%-6.50% | Up to 30 years |
| 7 Year Fixed | 5.64%-6.60% | Up to 30 years |
| 10 Year Fixed | 5.67%-6.71% | Up to 30 years |
| 15 Year Fixed | 6.61%-7.17% | 30 years |
| 30 Year Fixed | 6.64%-7.15% | 30 years |
- Tier 2 - 75-80%/1.25x
- Tier 3 - 65%/1.35x
- Tier 4 – 55%/1.55x
Fannie Mae Large Balance Apartment - Detailed
Updated January 29th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 5 Year Fixed | 5.18%-6.07% | Up to 30 years |
| 7 Year Fixed | 5.24%-6.14% | Up to 30 years |
| 10 Year Fixed | 5.27%-6.22% | Up to 30 years |
| 15 Year Fixed | 6.25%-6.59% | 30 years |
| 30 Year Fixed | 6.27%-6.56% | 30 years |
- Tier 2 - 75-80%/1.25x
- Tier 3 - 65%/1.35x
- Tier 4 – 55%/1.55x
Freddie Mac Small Balance Apartment - Detailed
Updated January 29th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 5 Year Fixed | 6.12% | Up to 30 years |
| 7 Year Fixed | 5.98% | Up to 30 years |
| 10 Year Fixed | 5.93% | Up to 30 years |
- Tier 2 - 75-80%/1.25x
- Tier 3 - 65%/1.35x
- Tier 4 – 55%/1.55x
Bank Apartment Mortgage - Detailed
Updated January 29th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 5 Year Fixed | 5.75%-6.25% | Up to 30 years |
| 7 Year Fixed | 5.75%-6.25% | Up to 30 years |
| 10 Year Fixed | 5.95%-6.50% | Up to 30 years |
- Tiered pricing from 55% – 80% LTV
- Simplified underwriting for small balance loans
- Loan amounts from $1,500,000 - $10,000,000+ Nationwide
- Loan to value ratios up to 80% on purchases and 75% on refinances
- Cash out refinances are acceptable
- Pricing based on loan-to-value and debt service coverage ratio:
- Tier 2 - 75-80%/1.25x
- Tier 3 - 65%/1.35x
- Tier 4 – 55%/1.55x
- Interest only loans are available
- Step down and yield maintenance prepayment penalties
- Nonrecourse loans are available
CMBS Multifamily - Detailed
Updated January 29th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 10 Year Fixed | 6.22%-6.97% | Up to 30 years |
- Up to 75% LTV
- Loan amounts from $2 million and up
- Loans available for apartment buildings, retail shopping centers, office buildings, warehouses and hospitality
- Loan to value ratios up to 75% on purchases and refinances
- Cash out refinances are acceptable
- Interest only loans are available
- Loans are non-recourse
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Owner Occupied Commercial Mortgage Rates - Detailed
Updated January 29th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 3 Year Fixed | 5.86% | Up to 30 years |
| 5 Year Fixed | 6.02% | Up to 30 years |
| 7 Year Fixed | 6.22% | Up to 30 years |
| 10 Year Fixed | 6.42% | Up to 30 years |
Small Business Administration (SBA) - Detailed
Updated January 29th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| Adjustable | 6.50%-7.75% | Up to 25 years |
| 5 Year Fixed | 6.50%-7.75% | Up to 25 years |