Commercial Real Estate Loan Rates 2026: 987 SEC-Filed Loans

Commercial real estate loan rates by loan type, as of October 13, 2026

There is no single commercial real estate loan rate: the loan type, the property and the lender set it. The table puts the main routes side by side, each from the document that records it. The first three rows are note rates on loans that closed in 2025 and 2026; the next two are portfolio coupons from public lenders' June 30, 2026 filings; the last two are SBA programs.

Commercial real estate loan rates by type, with source and date

The base for everything fixed is the Treasury. The 5-year yield was 4.99% and the 10-year 5.22% on October 8, 2026, the latest day in the FRED files we downloaded on October 13, and SOFR was 3.87%; on June 1 the 5-year yield had been 4.18% and the 10-year 4.47%. The loans in the table were priced when the base was lower than it is today. Our estimate of where a 5-year conduit loan would price on October 8 is the Treasury plus the summer spread: 4.99% plus 2.54 is about 7.53% (our arithmetic). It is a planning figure, not a quote.

Where these rates come from, and what they are not

A CMBS trust buys commercial mortgages from banks and investment banks and sells bonds against them. Each trust files with the SEC a prospectus (Form 424B2) and, about a week before it, an asset-data file (Form ABS-EE, Exhibit 102) that lists every loan with its note rate, original amount, term, amortization, interest-only period, property type and debt service coverage. We searched EDGAR for 2026 prospectuses, found 29 trusts, downloaded each trust's first ABS-EE file and kept every fixed-rate loan: 987 loans, $21.79 billion original amount. The loan count of every trust matches its prospectus, and the trusts' weighted average rates match the prospectuses to rounding in 28 of 29 cases (Benchmark 2026-V23 differs by 0.01 point; our arithmetic). Three BBCMS trusts (2026-5C40, 2026-5C41 and 2026-5C42) state the rate as a fraction 100 times smaller than the other filers do; we corrected that and checked the result against their prospectuses.

Read this as the market for institutional-size loans, not for every borrower:

• Size. The smallest loan is $1.0 million and the largest $96.0 million. The median is $15.0 million, 667 of the 987 loans (67.6%) are $10 million or more, and 117 are under $5 million.
• Timing. Rates were set when each loan closed: June 2024 (3 loans) through September 4, 2026; 761 loans closed in 2026 and 223 in 2025. Prospectus dates run to September 21, 2026.
• Coverage. EDGAR full-text search returned 29 trusts; that may not be every 2026 trust, so this is a large sample, not a census.
• Fixed rate only. Floating-rate bridge loans are not in the files used here; the public lenders below are our window onto them.
• Note rate only. Origination fees, reserves, guaranties and prepayment terms are in the prospectuses but not in these rates.

For loans of $500,000 to $5 million from banks and credit unions, the federal mortgage record is a better guide: see multifamily loan rates for apartment buildings. For the payment and balloon math, use the commercial real estate loan calculator.

Rates by property type: hotels pay the most, self storage the least

Fixed-rate conduit loans by property type, 5-year term (diversified pools)

Hotels sit 0.69 points above self storage on the median rate and 0.77 points on the spread (our arithmetic). Hotel and office loans in this sample also have the highest median coverage ratios, 1.78x and 1.79x, against 1.35x for apartments, so the loans that cost more are also the ones with more income cover. The filings do not say why; that is our reading of the pattern. Manufactured housing, apartments and mixed use have the thinnest median coverage, 1.34x to 1.37x.

The same property types on 10-year loans (diversified pools)

Ten-year spreads are lower than five-year spreads for every property type with enough loans: self storage 1.71 against 2.35, retail 2.16 against 2.71, office 2.21 against 2.79. Ten-year hotel loans are rarely interest-only for the whole term (9%), while 98% of 5-year self storage loans are. Only 11 hotel loans and 12 industrial loans are 10-year, so read those rows loosely. Co-op loans are small (median $3.35 million) and their coverage ratios are reported on a different basis, so we left them out of the coverage medians.

Does loan size change the rate? Not much in conduit pools

Fixed-rate 5-year conduit loans by original loan amount

Only the largest loans get a visibly lower median, and they also carry the highest coverage, 1.70x. Between $1 million and $50 million the median stays within about 0.15 points (our arithmetic). That is a feature of conduit lending, where one pool prices loans together; it does not mean a $1 million loan from a community bank costs the same as a $50 million loan. The 36 loans in the smallest bucket are too few to rank against the rest.

How rates moved through 2026, month by month

Conduit loans are priced when they close, so the month of origination dates the rate better than the prospectus date. Each row below is the 5-year loans in diversified pools that closed that month.

Fixed-rate 5-year conduit loans by month of origination

The median climbed from 6.40% in December to 7.02% in August while the spread stayed between 2.50 and 2.79 points. The rate followed the Treasury, not a widening of lender margins (our reading). August has only 16 loans: loans that closed after the summer had not reached a filing we could read. A single month with a few dozen loans also swings with the property mix, so look at the direction, not the third decimal.

The pools themselves show the same drift. The lowest weighted average rate among the 29 prospectuses is 5.76726% for JPMF1 Multifamily Mortgage Trust 2026-FX1 (an apartment-only pool, prospectus filed May 28, 2026); the highest is 7.11116% for BMO 2026-5C16 Mortgage Trust (prospectus filed August 13, 2026, 25 loans). Every trust is in the downloadable table with its accession number.

Bridge and mezzanine loans: what two public lenders earn

Floating-rate transitional loans are not in the CMBS files, but the lenders that make them publish what the book earns. Blackstone Mortgage Trust's Form 10-Q for June 30, 2026 (accession 0001061630-26-000069) describes 133 loans with a principal balance of $17.41 billion, a weighted-average cash coupon of “+ 3.13 %” and an all-in yield of “+ 3.35 %”, both over floating benchmarks, mainly SOFR. 97% of the principal earned a floating rate and 47% was subject to yield maintenance or other prepayment restrictions. With SOFR at 3.68% on June 30, 2026 (FRED), SOFR plus 3.13% is 6.81% (our arithmetic). Starwood Property Trust's Form 10-Q for the same date (accession 0001465128-26-000029) reports a weighted average coupon of 7.0% on commercial first mortgages (carrying value $16.8 billion), 10.4% on mezzanine loans and 9.5% on other commercial loans, with a spread of 3.3% over the index on its variable-rate commercial loans ($15.9 billion of its $17.1 billion of commercial loans). These are the coupons on whole portfolios, built up over several years; they say what a bridge lender earns, not what a new borrower is quoted today. For how short-term loans are structured, see bridge loan real estate.

Mezzanine money costs more than a first mortgage in the same book: 10.4% against 7.0% at Starwood, 3.4 points more (our arithmetic).

SBA 504 and 7(a): the small-business routes

On October 13, 2026 SomerCor, a certified development company, showed “SBA 504 Rates: 25 Year 6.97% | 20 Year 6.97% | 10 Year 6.59%” on its website. That fixed rate applies to the SBA-backed piece of a 504 project; the bank's first lien is priced separately. The structure, the SBA's own loan-level file and every fee are in our SBA 504 loan rates page, which also explains who can use the program.

For 7(a) loans, the SBA's terms page says “Interest rates for 7(a) loans are negotiated between the borrower and the lender, but are subject to SBA maximums”, and gives the variable-rate ceilings: base rate plus 6.5% for loans of $50,000 or less, 6.0% from $50,001 to $250,000, 4.5% from $250,001 to $350,000 and 3.0% above $350,000. With the prime rate at 7.00% on October 2, 2026 (FRED), the ceiling on a loan above $350,000 pegged to prime is 10.00% (our arithmetic; the maximum applies to the base rate chosen in the loan documents, so confirm which one).

What the Federal Reserve says about bank commercial real estate lending

The Fed's July 2026 Senior Loan Officer Opinion Survey (page last updated August 3, 2026; responses from 56 domestic banks and 18 U.S. branches and agencies of foreign banks, due July 2, 2026) says “banks generally reported easier standards and basically unchanged demand for commercial real estate (CRE) loans.” It adds that “moderate and modest net shares of banks reported having eased standards for loans secured by nonfarm nonresidential (NFNR) properties and multifamily properties, respectively”. On the level of standards, “a significant net share of banks reported that lending standards were at the tighter end of their range for CLD loans, while moderate net shares reported relatively tight levels of standards for NFNR and multifamily loans.” The CRE part of the survey reports standards and demand, not a rate, which is why the rate evidence on this page comes from loan filings instead.

What a borrower can do with this

1. Price off the Treasury, not off a headline. A fixed-rate commercial loan is a Treasury yield plus a spread. Today's base: 4.99% on 5 years and 5.22% on 10 years (October 8, 2026). In this sample the spread was about 2.5 to 2.8 points on 5-year loans and about 2.0 on 10-year loans, higher for hotels. Ask a lender for the spread and the index date, not only the rate.
2. Compare terms, not only the rate. 92% of 5-year loans in this file are interest-only for the whole term, so the payment looks low and the whole principal is due at maturity; 54% of 10-year loans are. On a $5,000,000 loan, each 0.25 point of rate is $12,500 a year of interest (our arithmetic). The calculator shows the balloon.
3. Use your property type. If your property is a hotel, expect to be priced about 0.52 points wider than an apartment building in this sample; self storage and manufactured housing were at the other end.
4. Know which door your loan size opens. Conduit lending in this file starts at $1.0 million and sits mostly above $10 million. Smaller balances go to banks, credit unions, SBA lenders and private lenders: see our pages on multifamily loan rates, DSCR loan rates and hard money loan rates.
5. If the property is for your own business, price an SBA 504 or 7(a) loan next to the bank loan, and read the 504 fee schedule before comparing rates.

If your property is a rental of one to four units rather than a commercial building, or a small apartment building bought as an investment, the lenders below make business-purpose investor loans. Their product pages, not this data, say which property types and sizes each one covers; none of them appears as an originator in the CMBS files above.

FAQ

Sources, read and computed on October 13, 2026: SEC EDGAR Form ABS-EE asset-data files (Exhibit 102) and Form 424B2 prospectuses of 29 CMBS trusts (JPMF1 Multifamily Mortgage Trust 2026-FX1, BANK5 2026-5YR20 to 5YR24, BANK 2026-BNK52, Wells Fargo Commercial Mortgage Trust 2026-5C8, 5C9, 5C10 and 2026-C66, Citigroup Commercial Mortgage Trust 2026-MFAM1, BBCMS Mortgage Trust 2026-5C40, 5C41, 5C42 and 2026-M1, Morgan Stanley Bank of America Merrill Lynch Trust 2026-C36, BMO 2026-C14, C15, 5C14, 5C15 and 5C16, Benchmark 2026-B42, B43, V20, V21, V22 and V23, D2-Natixis Multifamily Mortgage Trust 2026-M1), with accession numbers in the data file; Blackstone Mortgage Trust Form 10-Q (June 30, 2026, accession 0001061630-26-000069) and Starwood Property Trust Form 10-Q (June 30, 2026, accession 0001465128-26-000029); FRED series DGS5, DGS10, SOFR and DPRIME downloaded October 13, 2026 (latest observation October 8, 2026 for the Treasury and SOFR series, October 2 for prime); the Federal Reserve's July 2026 Senior Loan Officer Opinion Survey; the SBA 7(a) terms page and SomerCor's website (a certified development company's published figures), both read October 13, 2026. Medians, spreads, shares and sums are our arithmetic from the filings (scripts and output in the data folder). The pools are the 29 trusts EDGAR full-text search returned. This is analysis of public documents, not investment, legal, lending or tax advice, and not a loan offer.