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Commercial mortgage rates today change every week, but the lender-category bands don’t change much month-to-month. This page tracks where rates actually sit across the seven lender categories that compete for commercial real estate deals, with 30-day and 90-day movement noted on each. Updated monthly. Last updated: May 21, 2026.
For the broader framework on how each lender prices a quote and what drives your specific rate inside the range, see the complete commercial real estate loan rates guide.
Current Commercial Mortgage Rates — May 21, 2026
Rates as of May 21, 2026 — updated monthly; verify current quotes with lenders before making decisions.
| Lender Type | Current Rate | 30-Day Change | 90-Day Change | Indicative Term |
|---|---|---|---|---|
| Life Insurance Companies | 5.2% – 6.4% | flat | -10 bp | 10-yr fixed, 25-yr amort |
| Agency Multifamily (Fannie/Freddie) | 5.4% – 6.4% | flat | -15 bp | 10-yr fixed, 30-yr amort |
| HUD 223(f) Multifamily | 5.1% – 5.8% | +5 bp | flat | 35-yr fixed, 35-yr amort |
| Commercial Banks | 6.0% – 7.5% | flat | -5 bp | 5/7/10-yr fixed |
| Credit Unions | 6.0% – 7.5% | flat | -10 bp | 5/7/10-yr fixed |
| CMBS Conduit | 6.2% – 7.4% | +10 bp | +5 bp | 5/7/10-yr fixed |
| SBA 504 (blended) | 5.5% – 7.0% | flat | -15 bp | 25-yr fixed CDC piece |
| Debt Funds (SOFR + spread) | 7.0% – 9.5% | -10 bp | -30 bp | 3–5 yr floating |
| Institutional Bridge | 8.0% – 11.5% | -15 bp | -25 bp | 12–36 mo |
| Hard Money | 10.0% – 14.0% | flat | flat | 6–24 mo |
Rates shown are indicative — the actual quote on any deal depends on LTV, DSCR, sponsor profile, property type, and market. The ranges represent typical pricing for a clean, stabilized deal at conservative leverage with a documented sponsor.
What’s Moving Right Now
Three things are driving commercial mortgage rate movement in May 2026:
1. The Federal Reserve has held rates steady since the October 2025 cut. The federal funds rate target sits at 3.75% to 4.00%, where it’s been since late October 2025 per the FOMC’s recent statements. Market expectations as of mid-May 2026 imply one more cut in 2026, weighted toward Q4 — forward-looking; market conditions change rapidly. CRE rates have priced in roughly half of that anticipated cut.
2. The 10-year Treasury yield is the immediate driver of fixed-rate CRE quotes. It currently sits around 4.30%, down about 25 bp from its February 2026 peak. This is why bank, life co, and CMBS rates are tighter today than they were 90 days ago — even though the Fed hasn’t moved.
3. Spreads on bridge and debt-fund debt have tightened modestly. As lender appetite for transitional commercial real estate recovers, SOFR-plus pricing on debt-fund and institutional-bridge debt has come in 20–35 bp over the past quarter. This is the most meaningful 90-day rate-environment shift for borrowers pursuing value-add deals.
Multifamily Rates Today
Multifamily continues to price tightest of any commercial property type because agency execution provides a constant floor. Current ranges:
Rates as of May 2026 — verify current quotes with lenders before making decisions.
- Agency 10-year fixed: 5.4% – 6.4% (Fannie Mae DUS / Freddie Mac Optigo)
- Agency 7-year fixed: 5.3% – 6.2%
- HUD 223(f) 35-year fixed: 5.1% – 5.8% (long execution timeline)
- Bank 5-year fixed: 6.0% – 7.0%
- Bridge (value-add): 7.5% – 9.5%
A stabilized 200-unit Class B multifamily in a primary market at 70% LTV with a 1.30x DSCR and a documented institutional sponsor would expect 5.6% to 5.9% from agency execution this month.
Hospitality Rates Today
Hospitality prices wider because lender appetite remains thin and RevPAR variability creates underwriting conservatism. Current ranges:
Rates as of May 2026 — verify current quotes with lenders before making decisions.
- Bank / life co 5-year fixed: 6.8% – 8.5%
- CMBS 10-year fixed: 7.0% – 8.2%
- Bridge (flagged, performing): 9.0% – 11.0%
- Bridge (non-flagged or transitional): 10.0% – 12.5%
- SBA 504 blended (owner-occupied): 6.0% – 7.0%
For flagged hospitality deals with a PIP requirement, bridge-to-permanent execution remains the standard path. AVANA’s hospitality financing prices competitively against these ranges, anchored by the AVANA-IHG construction partnership.
SBA 504 Rates Today
Rates as of May 2026 — verify current quotes with lenders before making decisions.
SBA 504 deals price as a blended rate across two pieces. The CDC second mortgage (40% of the loan, backed by an SBA debenture) is fixed at the May 2026 debenture rate of approximately 5.8% for 25 years. The first mortgage from a bank or non-bank lender (50% of the loan) prices at conventional rates of 6.0% to 7.0%.
Blended math on a typical owner-occupied SBA 504 deal at May 2026 pricing: ~6.3% blended rate, 10% down, 25-year amortization on the CDC piece.
For more on the program structure and current pricing, see AVANA’s SBA 504 loan program.
Bridge Rates Today
Institutional bridge pricing has tightened more than any other lender category in the past quarter. Current ranges:
Rates as of May 2026 — verify current quotes with lenders before making decisions.
- Stabilized-transitional bridge (multifamily, industrial): 8.0% – 9.5%
- Value-add bridge (multifamily): 8.5% – 10.0%
- Hospitality bridge (flagged, performing): 9.0% – 11.0%
- Construction-completion bridge: 9.5% – 12.0%
- Hard money / asset-based: 10.0% – 14.0%
The 25–35 bp tightening over the past 90 days reflects renewed lender appetite for transitional CRE following the late-2025 Fed cuts. For deeper context on bridge product fit, see our breakdown of hard money lenders for commercial real estate.
How to Use These Numbers
Today’s rate ranges are a benchmark, not a quote. To translate them into actionable rate-shopping context:
- Identify the lender category that fits your deal. A trophy multifamily refi goes to life co; a value-add hospitality acquisition goes to bridge. The ranges above are different for a reason.
- Place yourself within the range. Strong sponsor + stabilized asset + clean LTV typically prices at the low end. First-time sponsor or transitional asset typically prices at the mid-to-high end.
- Get parallel quotes. Single-source quoting almost always costs 25–75 bp.
- Compare on all-in cost, not headline rate. See commercial finance mortgage costs for the full cost-stack breakdown.
For long-window context on whether today’s rates are favorable historically, see average and typical commercial mortgage rates by loan type. For the negotiation playbook, see how to get the best commercial mortgage rate in 2026.
Frequently Asked Questions
The Bottom Line
Commercial mortgage rates today sit in defined bands by lender category, with the broad range running from approximately 5.1% (HUD multifamily) to 14% (hard money for transitional assets). The right rate for your deal depends on which lender category fits the asset profile and where the seven underwriting levers position your specific transaction.
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