Realized rates · HUD data
HUD multifamily loan rates: what recent loans actually closed at
HUD-insured apartment loans endorsed in the twelve months to Sep 2026 carry a median note rate of 5.40% on 223(f) purchases and refinances (316 loans) and 5.70% on 221(d)(4) construction loans (151 loans). Add the 0.25% annual mortgage insurance premium for the all-in cost. These are closed loans from HUD's own file, not quotes.
- HUD loan file current as of September 30, 2026
- 1,348 loans endorsed Oct 2023 to Sep 2026
- Treasury monthly averages through Sep 2026
Median note rate by month endorsed
Each point is the median note rate on loans HUD initially endorsed that month and that are still in its active file. Months with fewer than 3 loans in a program are left blank. The dashed line is the month's average 10-year Treasury par yield.
- 223(f)
- 221(d)(4)
- 10-year Treasury, monthly average
| Month | Loans | All | 223(f) | 221(d)(4) | 10-yr avg |
|---|---|---|---|---|---|
| Sep 2026 | 49 | 5.74% | 5.57% (32) | 5.75% (9) | 4.99% |
| Aug 2026 | 54 | 5.68% | 5.55% (30) | 5.74% (17) | 4.68% |
| Jul 2026 | 33 | 5.62% | 5.50% (21) | 5.85% (7) | 4.60% |
| Jun 2026 | 48 | 5.55% | 5.37% (30) | 5.75% (11) | 4.47% |
| May 2026 | 47 | 5.54% | 5.30% (19) | 5.64% (15) | 4.48% |
| Apr 2026 | 60 | 5.32% | 5.20% (31) | 5.50% (18) | 4.32% |
| Mar 2026 | 60 | 5.33% | 5.22% (33) | 5.54% (14) | 4.25% |
| Feb 2026 | 27 | 5.58% | 5.41% (14) | 5.59% (10) | 4.13% |
| Jan 2026 | 27 | 5.48% | 5.33% (16) | 5.62% (6) | 4.21% |
| Dec 2025 | 49 | 5.59% | 5.36% (22) | 5.77% (19) | 4.14% |
| Nov 2025 | 43 | 5.54% | 5.51% (30) | 5.71% (8) | 4.09% |
| Oct 2025 | 64 | 5.68% | 5.54% (38) | 5.78% (17) | 4.06% |
| Sep 2025 | 58 | 5.72% | 5.59% (31) | 5.94% (12) | 4.12% |
| Aug 2025 | 32 | 5.84% | 5.84% (18) | 6.00% (7) | 4.26% |
| Jul 2025 | 33 | 5.82% | 5.66% (17) | 6.08% (7) | 4.39% |
| Jun 2025 | 22 | 5.88% | 5.93% (11) | 5.92% (6) | 4.38% |
| May 2025 | 43 | 5.70% | 5.66% (26) | 6.01% (11) | 4.42% |
| Apr 2025 | 32 | 5.78% | 5.75% (18) | 5.91% (8) | 4.28% |
| Mar 2025 | 41 | 5.64% | 5.59% (23) | 5.88% (12) | 4.28% |
| Feb 2025 | 26 | 5.74% | 5.70% (15) | 5.97% (6) | 4.45% |
| Jan 2025 | 26 | 5.59% | 5.61% (13) | 5.54% (7) | 4.63% |
| Dec 2024 | 40 | 5.43% | 5.47% (11) | 5.49% (11) | 4.39% |
| Nov 2024 | 44 | 5.46% | 5.25% (24) | 5.72% (15) | 4.36% |
| Oct 2024 | 38 | 5.50% | 5.34% (15) | 5.73% (15) | 4.09% |
| Sep 2024 | 48 | 5.53% | 5.55% (21) | 5.70% (11) | 3.72% |
| Aug 2024 | 27 | 5.77% | 5.75% (14) | 5.90% (7) | 3.87% |
| Jul 2024 | 39 | 5.79% | 5.82% (16) | 5.97% (12) | 4.25% |
| Jun 2024 | 16 | 5.83% | 5.80% (5) | 6.14% (4) | 4.30% |
| May 2024 | 26 | 5.75% | 5.80% (11) | 5.84% (9) | 4.48% |
| Apr 2024 | 24 | 5.78% | 5.73% (11) | 5.89% (8) | 4.54% |
| Mar 2024 | 21 | 5.56% | 5.56% (9) | 6.08% (5) | 4.21% |
| Feb 2024 | 19 | 5.86% | 5.77% (13) | 5.94% (4) | 4.21% |
| Jan 2024 | 24 | 5.93% | 5.93% (16) | 6.38% (5) | 4.06% |
| Dec 2023 | 46 | 6.33% | 6.75% (8) | 6.42% (21) | 4.02% |
| Nov 2023 | 29 | 6.08% | 6.07% (14) | 6.41% (9) | 4.50% |
| Oct 2023 | 33 | 6.07% | 6.07% (18) | 5.96% (10) | 4.80% |
"223(f) gap" is the month's 223(f) median note rate minus that month's average 10-year Treasury yield, in basis points: our arithmetic, and only a rough read on spreads, because a HUD rate is locked before endorsement.
The spread of rates, last 12 months
Half of all loans in each program closed between the 25th and 75th percentile rates shown. Deals with subsidy, tax-exempt bonds or unusual risk sit at the edges.
| Program | Loans | 25th | Median | 75th |
|---|---|---|---|---|
| 223(f) purchase or refinance | 316 | 5.20% | 5.40% | 5.60% |
| 221(d)(4) new construction or sub rehab | 151 | 5.50% | 5.70% | 5.90% |
| 542(b)/(c) risk sharing | 67 | 5.30% | 5.75% | 6.20% |
| 241(a) supplemental | 21 | 5.60% | 5.85% | 6.20% |
| 223(a)(7) refinance | 1 | 5.45% |
By quarter
| Quarter | Loans | All | 223(f) | 221(d)(4) |
|---|---|---|---|---|
| 2026 Q3 | 136 | 5.67% | 5.55% | 5.75% |
| 2026 Q2 | 155 | 5.45% | 5.26% | 5.62% |
| 2026 Q1 | 114 | 5.39% | 5.32% | 5.55% |
| 2025 Q4 | 156 | 5.59% | 5.51% | 5.78% |
| 2025 Q3 | 123 | 5.80% | 5.70% | 5.99% |
| 2025 Q2 | 97 | 5.75% | 5.74% | 5.99% |
| 2025 Q1 | 93 | 5.70% | 5.60% | 5.81% |
| 2024 Q4 | 122 | 5.46% | 5.35% | 5.70% |
| 2024 Q3 | 114 | 5.65% | 5.72% | 5.86% |
| 2024 Q2 | 66 | 5.79% | 5.76% | 5.89% |
| 2024 Q1 | 64 | 5.83% | 5.79% | 6.05% |
| 2023 Q4 | 108 | 6.09% | 6.08% | 6.30% |
From 2023 Q4 (6.09%) to 2026 Q3 (5.67%), all programs.
How a HUD multifamily rate is set
HUD does not set the note rate. The borrower and lender negotiate it, and it is locked by initial endorsement (MAP Guide 3.1.4). In practice most HUD loans are funded by selling a Ginnie Mae project-loan security, so the note rate tracks what investors will pay for that security, priced as a spread over the 10-year Treasury, plus the lender's servicing fee and Ginnie Mae's guaranty fee. That structure is industry practice, not a HUD rule, and the components vary deal by deal.
On top of the note rate the borrower pays FHA's mortgage insurance premium. For applications submitted or amended on or after October 1, 2025, it is 0.25% a year for every multifamily program (with 0.25% upfront), the statutory floor (90 FR 45789). So a 223(f) loan at 5.40% costs about 5.65% a year in rate plus MIP, before reserves. Because HUD sizes loans on debt service including MIP, the cut from 0.60% or 0.65% to 0.25% also raised how much a property can borrow. How the MIP works.
Over these 36 months the 223(f) median ran a median 128 basis points over the month's 10-year Treasury average, and 58 basis points in Sep 2026. 221(d)(4) loans closed above 223(f) loans in most months here. A construction loan's rate is fixed before the building exists, and the lender and investor carry that construction period.
Why no rate on this page is a quote
Every figure here is a median of loans that already closed. Your rate depends on the 10-year Treasury the week you lock, Ginnie Mae investor demand, the program, loan size, affordability and the property itself. Lenders' daily rate sheets are private. If someone quotes you a "current HUD rate" without a lock date and program, ask for both.
How to read the monthly figures
- The date is initial endorsement, when FHA insurance attaches. The rate was locked before that date. For 221(d)(4) that is the construction closing; the rate holds through construction and the permanent loan.
- Only loans still in HUD's active file are counted. Loans endorsed in the last three years rarely pay off this fast, so the sample is close to everything HUD endorsed, but a few early payoffs are missing.
- Small months are noisy. One affordable deal with a low rate can move a month with ten loans. Read the quarterly table for the trend.
- Long view: for loans endorsed in every year since 2005, see HUD rates by year endorsed. To see what a low-rate loan you could assume is worth, use the assumable loan finder.
Price your own deal
Tell the desk about the property and an advisor will tell you how HUD lenders are likely to size and price it. Janover Capital is an advisor, not a lender.