HUD apartment loan rates by year endorsed
Among HUD-insured apartment loans still on the books, those endorsed in 2021 carry the lowest median note rate: 2.5%. Loans endorsed in 2026 so far sit at 5.5%. The year a loan was insured tells you most of what you need to know about whether it is worth assuming.
| Year | Loans | Median rate | 223(f) | 221(d)(4) | 223(a)(7) | Still owed |
|---|---|---|---|---|---|---|
| 2026 | 405 | 5.5% | 5.35% | 5.63% | $10.4 billion | |
| 2025 | 469 | 5.7% | 5.6% | 5.86% | $11.7 billion | |
| 2024 | 366 | 5.64% | 5.65% | 5.85% | $7.7 billion | |
| 2023 | 432 | 5.425% | 5.355% | 5.76% | $7.7 billion | |
| 2022 | 933 | 3.7% | 3.61% | 3.99% | 3.01% | $16.9 billion |
| 2021 | 1,456 | 2.5% | 2.4% | 2.85% | 2.6% | $25.1 billion |
| 2020 | 1,087 | 2.77% | 2.51% | 3.055% | 2.72% | $18.9 billion |
| 2019 | 580 | 3.65% | 3.4% | 3.845% | 3.34% | $8.9 billion |
| 2018 | 592 | 3.85% | 3.77% | 3.735% | 3.715% | $8.5 billion |
| 2017 | 667 | 3.45% | 3.33% | 3.655% | 3.4% | $8.0 billion |
| 2016 | 506 | 3.45% | 3.25% | 3.54% | 3.38% | $4.4 billion |
| 2015 | 434 | 3.49% | 3.415% | 3.625% | 3.415% | $2.7 billion |
| 2014 | 451 | 3.93% | 3.8% | 4.065% | 3.925% | $2.5 billion |
| 2013 | 666 | 3.235% | 3.05% | 3.195% | 3.25% | $3.2 billion |
| 2012 | 600 | 2.925% | 2.75% | 2.97% | 2.835% | $3.5 billion |
| 2011 | 341 | 3.98% | 3.85% | 4.1% | 3.97% | $1.6 billion |
| 2010 | 227 | 4.35% | 4.1% | 3.78% | 3.95% | $851.3 million |
| 2009 | 134 | 5.085% | 4.525% | 4.37% | 5.325% | $308.3 million |
| 2008 | 147 | 6.1% | 4.785% | 6.5% | 6.5% | $300.2 million |
| 2007 | 219 | 4.75% | 4.26% | 4.28% | 6.375% | $436.5 million |
| 2006 | 249 | 4.5% | 4% | 6.3% | $441.1 million | |
| 2005 | 126 | 5.6% | 4.25% | 3.84% | 5.75% | $212.3 million |
How to read it
These are loans still active in HUD's file as of September 30, 2026, grouped by initial endorsement date. Loans that were paid off or refinanced have dropped out, so each year shows only the loans that survived. That cuts both ways: owners of high-rate loans refinance when they can, and owners of loans in the 2s have every reason to hold on.
Program columns are blank where a year has fewer than ten loans of that type. A 221(d)(4) rate is set at the start of construction, so a construction loan endorsed in one year may have priced months earlier.
Source: HUD, Insured Multifamily Mortgages, active file, current as of September 30, 2026.