Answer first
In brief
The balance-weighted note rate on active FHA-insured multifamily loans is 3.95% in HUD’s October 2026 file. Loans endorsed from 2020 to 2022 carry a weighted 2.98%, while loans endorsed from 2023 to 2026 carry 5.59%. These are existing loan coupons, not current quotes.
Rate distribution
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 4,348 | 27.7% | $57.8B |
| 3.00% to 3.99% | 5,223 | 33.2% | $55.7B |
| 4.00% to 4.99% | 2,297 | 14.6% | $24.5B |
| 5.00% to 5.99% | 2,525 | 16.1% | $42.0B |
| 6.00% and above | 1,327 | 8.4% | $11.9B |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 1,532 | 4.56% |
| 2010 to 2014 | 3,380 | 3.47% |
| 2015 to 2019 | 3,792 | 3.58% |
| 2020 to 2022 | 4,249 | 2.98% |
| 2023 to 2026 | 2,765 | 5.59% |
Rates by program
| Program | Loans | Weighted rate | Below 4.00% | 6.00% or higher |
|---|---|---|---|---|
| 223(f) | 5,711 | 3.63% | 68.5% | 3.2% |
| 221(d)(4) | 2,159 | 4.15% | 58.7% | 6.4% |
| 223(a)(7) | 2,157 | 2.96% | 71.5% | 13.1% |
| Section 232 (all) | 4,042 | 4.35% | 61.5% | 9.4% |
Program pages: 223(f), 221(d)(4), 223(a)(7), Section 232.
What the coupons mean for refinancing
60.9% of active loans carry rates below 4.00%, mostly endorsed from 2010 to 2022. Those borrowers rarely have a rate reason to refinance, which is one reason a large share of new HUD volume comes from properties moving off bank, CMBS, construction or bridge debt. At the other end, 1,327 loans carry rates of 6.00% or higher. HUD’s 223(a)(7) program lets an existing HUD borrower refinance with streamlined underwriting; Bravo’s 223(a)(7) guide covers eligibility. HUD loans carry prepayment terms, so a refinance decision should include the prepayment cost; see prepayment lockout and penalty.
This page does not quote current HUD rates. Rates for a new loan depend on the Ginnie Mae market at the time of rate lock; see rate risk, rate lock and prepayment.
Data source and method
Data source: HUD Insured Multifamily Mortgages (active), file FHA-BF90-RM-A, as of the October 2026 release (loans endorsed through September 29, 2026). Aggregates computed by Bravo Capital; no owner or contact information is used.
Balances are HUD’s reported amortized principal balance. Interest rates are note rates as reported by HUD (mortgage insurance premium not included), and the average shown is weighted by balance. Metro areas use HUD’s Core Based Statistical Area assignment for each property. “Holder” is the holder of record in HUD’s file, which is often the servicer or Ginnie Mae issuer rather than the original lender. Initial endorsement counts come from HUD’s multifamily production database, which covers apartment programs and does not include Section 232 healthcare loans.
Common questions
Frequently asked questions
What is the average interest rate on HUD multifamily loans?
Weighted by balance, active FHA-insured multifamily loans carry a 3.95% note rate in HUD’s October 2026 file. The rate excludes the mortgage insurance premium.
How many HUD loans have rates above 6%?
1,327 active loans (8.4%) carry note rates of 6.00% or higher, most of them endorsed in 2023 or later.
Does this page show current HUD loan rates?
No. It shows coupons on existing loans from HUD’s public file. Pricing for a new HUD loan is set at rate lock and depends on market conditions.
Created by Bravo Capital, a HUD-approved MAP and LEAN lender, and expert-reviewed by the Bravo Capital HUD Underwriting Team. Figures are computed from HUD public data files listed above. Last updated . This page is educational and is not a credit decision or commitment to lend.