Capital Markets Report: Week of July 13, 2026

Rate Environment

Commercial mortgage rates were stable to slightly tighter in key segments during the week of July 13-17, 2026. Agency and life company execution remained competitive for high-quality stabilized assets.

Current Rate Ranges (Week of July 13, 2026)

• Multifamily, Agency (Fannie/Freddie): 5.50%, 6.10% fixed (10-year term)
• HUD/FHA 223(f) Refinance: 5.20%, 5.60% fixed (35-year amortizing)
• CMBS Conduit: 6.20%, 7.00% fixed (10-year)
• Life Company (Core Stabilized): 5.75%, 6.40% fixed
• Bank / Credit Union (Portfolio): 6.00%, 7.25% fixed or floating
• Bridge / Debt Fund (Transitional/Value-Add): ~8.25%, 10.00% all-in (SOFR + 275-450 bps)
• SBA 504 (Owner-Occupied): 5.80%, 6.20% on the debenture portion

Key Takeaways

• The Fed cut timeline (likely starting September) remains the dominant variable for longer-term rates.
• Industrial and stabilized multifamily continue to see the strongest lender competition.
• Office financing remains highly selective except for trophy, medical office, and life sciences assets.
• Maturity wall pressure is real, engage brokers early on loans maturing in the next 12-18 months.

Lender Appetite Snapshot

Agency and life companies are the most reliable for stabilized product. Debt funds are competitive on transitional deals. Banks are selective but relationship-driven execution can still work well for smaller loans.

Action Items

• Review your maturity schedule now, don't wait for the notice.
• Stress-test at current rates.
• Explore bridge-to-agency structures for value-add multifamily.
• Get current rate quotes for market intelligence even if not transacting immediately.