CMBS loan rates today
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
The median rate on CMBS loans originated from July 21 to October 19, 2026 was 6.63%, across 155 loans securitized so far (SEC Form ABS-EE filings, as of October 28, 2026). The middle half priced between 6.33% and 7.05%. Over the 12 months to October 19, 2026, the median was 6.40% on 1,047 loans.
- Median rate, last 90 days
- 6.63%
- 155 loans, July to October 2026
- Median rate, last 12 months
- 6.40%
- 1,047 loans
- 10-year loans, 12 months
- 6.19%
- 294 loans
- 5-year loans, 12 months
- 6.46%
- 753 loans, 72% of all
These are rates on loans that closed and were sold into CMBS trusts, not a quote. Rates on your loan depend on the day you lock. Get a CMBS quote for a real number.
CMBS rates by property type
Over the 12 months to October 19, 2026, hotel loans carried the highest median rate, 7.02% across 96 loans, and self-storage the lowest among commercial property types, 6.11% across 115. Co-op housing, a small specialty market, was lower still at 6.00%. Each row links to that property type's full page.
| Group | Range | Median | Middle half | Loans |
|---|---|---|---|---|
| Multifamily | 6.35% | 6.06% to 6.59% | 292 | |
| Retail | 6.58% | 6.21% to 6.81% | 141 | |
| Self-storage | 6.11% | 5.86% to 6.37% | 115 | |
| Hotel | 7.02% | 6.65% to 7.42% | 96 | |
| Co-op housing | 6.00% | 5.89% to 6.18% | 89 | |
| Office | 6.64% | 6.39% to 6.94% | 87 | |
| Mobile home park | 6.41% | 6.16% to 6.63% | 82 | |
| Mixed use | 6.42% | 6.01% to 6.80% | 66 | |
| Industrial | 6.63% | 6.37% to 6.89% | 64 |
Recent windows: 90 days, 180 days and 12 months
Shorter windows show where pricing has moved but rest on fewer loans; a window with 10 to 19 loans is marked thin, and fewer than 10 is not shown.
| Property type | 90 days | 180 days | 12 months | 12-month range (middle half) |
|---|---|---|---|---|
| All loans | 6.63% (155) | 6.56% (392) | 6.40% (1047) | 6.06% to 6.72% |
| Multifamily | 6.45% (61) | 6.45% (136) | 6.35% (292) | 6.06% to 6.59% |
| Retail | 6.99% (18, thin) | 6.81% (44) | 6.58% (141) | 6.21% to 6.81% |
| Self-storage | 6.34% (12, thin) | 6.37% (30) | 6.11% (115) | 5.86% to 6.37% |
| Hotel | 7.66% (13, thin) | 7.44% (32) | 7.02% (96) | 6.65% to 7.42% |
| Co-op housing | too few (0) | 6.06% (19, thin) | 6.00% (89) | 5.89% to 6.18% |
| Office | 7.14% (14, thin) | 6.97% (35) | 6.64% (87) | 6.39% to 6.94% |
| Mobile home park | 6.35% (19, thin) | 6.38% (32) | 6.41% (82) | 6.16% to 6.63% |
| Mixed use | too few (5) | 6.45% (24) | 6.42% (66) | 6.01% to 6.80% |
| Industrial | too few (9) | 6.80% (31) | 6.63% (64) | 6.37% to 6.89% |
Medians of the original note rate; loan counts in brackets. Windows end October 19, 2026, the latest origination date in the filings. Healthcare is left out: too few loans.
CMBS rates by loan term
Five-year loans were 72% of CMBS loans originated in the last 12 months, and their median rate was 6.46%; ten-year loans had a median of 6.19%. No seven-year fixed-rate loans appear in the window. Within a property type the gap can run either way, as the table shows.
| Property type | 5-year median | 5-year loans | 10-year median | 10-year loans |
|---|---|---|---|---|
| All loans | 6.46% | 753 | 6.19% | 294 |
| Multifamily | 6.34% | 268 | 6.39% | 24 |
| Retail | 6.60% | 90 | 6.48% | 51 |
| Self-storage | 6.30% | 64 | 5.97% | 51 |
| Hotel | 7.06% | 82 | 6.68% | 14 |
| Co-op housing | too few | 0 | 6.00% | 89 |
| Office | 6.73% | 66 | 6.43% | 21 |
| Mobile home park | 6.36% | 70 | 6.63% | 12 |
| Mixed use | 6.46% | 55 | 6.29% | 11 |
| Industrial | 6.70% | 49 | 6.54% | 15 |
Last 12 months. A median is shown when at least 10 loans of that type and term were securitized.
Monthly CMBS rate trend, last 24 months
The monthly median peaked at 6.91% in January 2025 and bottomed at 6.21% in November 2025. Loans originated in July 2026 had a median of 6.67%, against 6.84% in November 2024. The last three months are provisional: loans reach a trust one to several months after closing, so those months fill in as new trusts file.
Monthly figures as a table
| Origination month | Loans | Median rate | Middle half |
|---|---|---|---|
| November 2024 | 127 | 6.84% | 6.53% to 7.14% |
| December 2024 | 126 | 6.78% | 6.51% to 7.12% |
| January 2025 | 119 | 6.91% | 6.52% to 7.23% |
| February 2025 | 107 | 6.65% | 6.33% to 6.95% |
| March 2025 | 73 | 6.50% | 6.17% to 6.80% |
| April 2025 | 83 | 6.79% | 6.37% to 7.15% |
| May 2025 | 119 | 6.69% | 6.37% to 7.12% |
| June 2025 | 117 | 6.65% | 6.29% to 6.95% |
| July 2025 | 93 | 6.63% | 6.29% to 6.89% |
| August 2025 | 98 | 6.41% | 6.18% to 6.73% |
| September 2025 | 170 | 6.39% | 6.05% to 6.60% |
| October 2025 | 130 | 6.28% | 5.98% to 6.59% |
| November 2025 | 113 | 6.21% | 5.91% to 6.53% |
| December 2025 | 138 | 6.30% | 6.03% to 6.63% |
| January 2026 | 97 | 6.38% | 6.08% to 6.69% |
| February 2026 | 90 | 6.31% | 6.02% to 6.61% |
| March 2026 | 97 | 6.33% | 6.01% to 6.62% |
| April 2026 | 88 | 6.43% | 6.02% to 6.82% |
| May 2026 | 74 | 6.50% | 6.13% to 6.86% |
| June 2026 | 90 | 6.51% | 6.21% to 6.79% |
| July 2026 | 86 | 6.67% | 6.33% to 7.10% |
| August 2026 (provisional) | 66 | 6.51% | 6.23% to 6.84% |
| September 2026 (provisional) | 33 | 6.68% | 6.51% to 7.10% |
| October 2026 (provisional) | 11 | 6.82% | 6.57% to 7.16% |
Today's Treasury yields and the implied CMBS spread
Fixed-rate CMBS loans are priced as a spread over the Treasury yield that matches the loan term. The table compares the median rate on recent loans with today's yields, fetched live from the U.S. Treasury.
| Loan term | Recent median CMBS rate | Treasury yield today | Implied spread |
|---|---|---|---|
| 5-year140 loans, originated July 21 to October 19, 2026 | 6.65% | loading | loading |
| 10-year76 loans, originated April 22 to October 19, 2026 | 6.43% | loading | loading |
Treasury yields load in your browser from the U.S. Department of the Treasury daily par yield curve.
How to read the spread: it is the median note rate on recently securitized loans of that term minus today's Treasury yield of the same term. Those loans were priced on earlier dates against the Treasury yields of those dates, so this is a rough gauge of where spreads sit, not a spread any lender is quoting you.
What moves the rate you are quoted
A lender sets your rate from the Treasury yield on the lock date plus a spread, and the spread reflects how risky the loan looks. The filings show how much each factor separated rates over the last 12 months (co-op housing left out):
- Coverage. Loans underwritten at 2.00x and up debt service coverage had a median rate of 6.18% (62 loans), against 6.39% for loans under 1.30x (104 loans). See DSCR and debt yield.
- Leverage. Leverage alone separated rates less than you might expect: medians ranged from 6.29% to 6.53% across loan-to-value bands. Lenders size CMBS loans to coverage and debt yield first, so a high-leverage loan in the filings is usually on a property with strong cash flow.
- Property type. The widest gap of all: 7.02% for hotel against 6.11% for self-storage.
- Term. Five- and ten-year loans price off different Treasury yields; see CMBS loan terms.
- Interest-only. 82% of loans in the last 12 months were interest-only for the full term, and 4% for part of it. Full IO is standard in today's conduit market, not a premium feature; see interest-only CMBS loans.
- Size. Loan size made little difference to the median (from 6.42% to 6.47% across size bands), though small loans have fewer lenders competing for them; see CMBS loan minimums.
| Debt service coverage at underwriting | Loans | Median rate |
|---|---|---|
| Under 1.30x | 104 | 6.39% |
| 1.30x to 1.50x | 182 | 6.54% |
| 1.50x to 1.75x | 124 | 6.45% |
| 1.75x to 2.00x | 63 | 6.30% |
| 2.00x and up | 62 | 6.18% |
| Loan-to-value at underwriting | Loans | Median rate |
|---|---|---|
| Under 55% | 137 | 6.29% |
| 55% to 60% | 107 | 6.53% |
| 60% to 65% | 178 | 6.50% |
| 65% to 70% | 219 | 6.48% |
| 70% and up | 109 | 6.32% |
Whole loans only, last 12 months, co-op housing left out. Each band mixes property types and terms, so read it as a description of what closed, not a pricing grid.
To see what these terms mean for your property, run the CMBS loan calculator, which sizes a loan from your NOI and shows the payment.
Interest-only share by property type
| Property type | Full-term interest-only | Loans |
|---|---|---|
| Mobile home park | 96% | 82 |
| Multifamily | 95% | 292 |
| Mixed use | 89% | 66 |
| Industrial | 86% | 64 |
| Retail | 85% | 141 |
| Office | 82% | 87 |
| Self-storage | 78% | 115 |
| Hotel | 67% | 96 |
| Co-op housing | 27% | 89 |
This is not a quote
Every figure on this page describes loans that already closed. A quote for your property depends on its cash flow, the sponsor, the loan amount, the term, prepayment terms and the market on the day you lock. Janover Capital LLC is a commercial mortgage advisor, not a lender: send the deal and a capital markets advisor will ask lenders to price it.
Put these rates on your site
The CMBS rates widget shows the median rate by property type with its as-of date, and updates when this page does. Copy this code:
<iframe src="https://cmbs.loan/embed/rates/" title="CMBS rates by property type" width="100%" height="460" style="border:0;max-width:640px" loading="lazy"></iframe>Source: SEC Form ABS-EE asset-level filings (Schedule AL) for CMBS trusts, compiled by cmbs.news; data as of October 28, 2026. Pari passu pieces of one loan are counted once. Rates are the original note rate of fixed-rate loans, in percent. How each figure is built: methodology. Download the tables: CMBS data (CSV).
For loan-level detail on any securitized loan, search cmbs.news.
Questions people ask
What is the average CMBS loan rate right now?
The median original note rate on CMBS loans originated from July 21 to October 19, 2026 was 6.63% across 155 loans, per SEC Form ABS-EE filings as of October 28, 2026. Over 12 months the median was 6.40%. A median is used rather than an average so a few unusual loans do not move it.
Are 10-year CMBS loans cheaper than 5-year loans?
In the 12 months to October 19, 2026, the median 10-year loan carried 6.19% (294 loans) and the median 5-year loan 6.46% (753 loans). Five-year terms were 72% of loans. Property mix differs between the two groups, so compare within a property type below.
Which property types get the lowest CMBS rates?
Over the last 12 months, self-storage had the lowest median rate among commercial property types (6.11%) and hotel the highest (7.02%). Co-op housing loans, almost all from National Cooperative Bank, had a median of 6.00%.
Is this rate a quote I can lock?
No. These are the rates on loans that already closed and were securitized. Your rate depends on the Treasury yield and spreads on the day you lock, the property, leverage, coverage, term and sponsor. Janover Capital LLC can request quotes from lenders for a specific deal.
How often is this page updated?
Monthly, after cmbs.news loads the latest ABS-EE filings. The Treasury yields in the spread table load live from the U.S. Treasury each time the page opens.
Want your own rate?
Send the property and the numbers. Janover Capital LLC will ask lenders to price it.