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Commercial Mortgage Rates in Texas
Current interest-rate ranges for Texas commercial real estate loans, by property type and business plan — with the typical amortization, DSCR, interest-only, and leverage that go with each range. Every figure carries its observation date and a citable public source, and the stabilized (bank/agency perm) curves are re-anchored weekly to the 10-year U.S. Treasury yield.
Updated Jul 2, 2026
Current Texas CRE rate ranges
Stabilized profiles reflect bank and agency permanent-loan pricing; value-add and lease-up profiles reflect bridge and debt-fund pricing, which floats over SOFR and runs materially wider. Ranges are honest-wide — where a lender lands within them depends on leverage, sponsor, and the property itself.
| Property type | Profile | Rate range | Amortization | Min DSCR | Interest-only | Max LTV | As of |
|---|---|---|---|---|---|---|---|
| Multifamily | Stabilized(bank / agency perm) | 5.47% – 6.42% | 30 yr | 1.25x | None typical | 80% | Jul 2, 2026 |
| Value-add(bridge / debt fund) | 7.25% – 10.25% | I/O | 1.00x | Up to 24 mo | 75% | Jul 2, 2026 | |
| Lease-up(bridge / debt fund) | 7.5% – 10.75% | I/O | 1.00x | Up to 36 mo | 75% | Jul 2, 2026 | |
| Retail | Stabilized(bank / agency perm) | 6.12% – 7.02% | 25 yr | 1.25x | None typical | 75% | Jul 2, 2026 |
| Value-add(bridge / debt fund) | 7.75% – 11% | I/O | 1.00x | Up to 24 mo | 70% | Jul 2, 2026 | |
| Lease-up(bridge / debt fund) | 8% – 11.5% | I/O | 1.00x | Up to 36 mo | 70% | Jul 2, 2026 | |
| Office | Stabilized(bank / agency perm) | 6.42% – 7.62% | 25 yr | 1.30x | None typical | 65% | Jul 2, 2026 |
| Value-add(bridge / debt fund) | 8.5% – 12.5% | I/O | 1.00x | Up to 24 mo | 65% | Jul 2, 2026 | |
| Lease-up(bridge / debt fund) | 8.75% – 13% | I/O | 1.00x | Up to 36 mo | 60% | Jul 2, 2026 | |
| Industrial | Stabilized(bank / agency perm) | 5.97% – 6.92% | 25 yr | 1.25x | None typical | 75% | Jul 2, 2026 |
| Value-add(bridge / debt fund) | 7.5% – 10.5% | I/O | 1.00x | Up to 24 mo | 75% | Jul 2, 2026 | |
| Lease-up(bridge / debt fund) | 7.75% – 11% | I/O | 1.00x | Up to 36 mo | 70% | Jul 2, 2026 |
What drives commercial mortgage rates
Nearly every commercial mortgage is priced as index + spread. Fixed-rate permanent loans price off a Treasury yield — most often the 10-year — while floating-rate bridge loans float over SOFR. The spread a lender adds on top compensates for credit risk, and it moves with property type: multifamily carries the tightest spreads, office the widest. When the 10-year Treasury moves 25 basis points, quoted perm rates move with it almost immediately; spreads re-set more slowly, on lender surveys and closed-deal evidence.
The rate is only half the quote. The same lender will flex amortization, interest-only periods, and leverage before it flexes rate — and the loan size you can actually get is capped by the lesser of LTV and DSCR. In a higher-rate environment DSCR usually binds first: the same net operating income supports a smaller loan, which is why many Texas refinances today are coverage-constrained rather than value-constrained.
How stabilization changes pricing
The single biggest jump in the table above is not between property types — it is between a stabilized property and everything else. A building with proven, in-place income qualifies for permanent financing (5.47%–6.42% for stabilized Texas multifamily right now). A value-add reposition or a property still in lease-up is underwritten on projected income instead, so it prices to bridge and debt-fund capital — typically 150–450 basis points wider, floating, and interest-only through the business plan.
Stabilization is also a judgment call worth real money. A property at 88% occupancy with signed-but-not-commenced leases may be “stabilized” to one bank and a bridge deal to another — the same building, quoted 150+ basis points apart. That is why each row above carries a profile label rather than a single blended number, and why the terms estimator asks about occupancy and business plan before it shows a range.
Rates by Texas metro
Houston commercial mortgage rates →
Current ranges plus the lenders actively recording commercial loans in Houston (Harris County).
Dallas–Fort Worth commercial mortgage rates →
Current ranges plus the lenders actively recording commercial loans in Dallas–Fort Worth (Dallas, Tarrant, Collin & Denton Counties).
Austin commercial mortgage rates →
Current ranges plus the lenders actively recording commercial loans in Austin (Travis County).
San Antonio commercial mortgage rates →
Current ranges plus the lenders actively recording commercial loans in San Antonio (Bexar County).
What terms could your property get?
These are market-level ranges. For an estimate tuned to your property type, metro, size, and occupancy — plus how many lenders are actively closing loans like it — use the estimator.
Estimate my termsMethodology & sources
Each range is a market curve, not an advertisement: stabilized (perm) curves are built as a spread band over the 10-year U.S. Treasury yield, anchored to published lender spread surveys and cross-checked against public rate sheets; value-add and lease-up curves come from published bridge-lender surveys and debt-fund spread data over SOFR. A weekly job re-fetches the 10-year Treasury yield (U.S. Department of the Treasury daily yield curve) and re-computes the perm ranges; spread assumptions are re-sourced quarterly. Nothing here is submitted, sponsored, or pay-to-play.
- 2026 bridge-lender surveys (8–14% overall, most 9–12%); debt-fund spreads SOFR+350–650bps, 30-day SOFR ~3.65% (CRED iQ 2026-04-17)
- CRED iQ Q1 2026 CRE spread survey (IND 162bps over 10yr UST, as of 2026-03-31) + 10yr UST 4.49% (2026-07-02, U.S. Treasury daily yield curve); spread band 148–243bps fixed at 2026-07-02 seed (SelectCommercial rate-sheet cross-check), re-sourced quarterly
- CRED iQ Q1 2026 CRE spread survey (MF 154bps over 10yr UST, as of 2026-03-31) + 10yr UST 4.49% (2026-07-02, U.S. Treasury daily yield curve); spread band 98–193bps fixed at 2026-07-02 seed (SelectCommercial rate-sheet cross-check), re-sourced quarterly
- 2026 bridge-lender surveys (8–14% overall, most 9–12%; x2mortgage.com, vaster.com); debt-fund spreads SOFR+350–650bps, 30-day SOFR ~3.65% (CRED iQ 2026-04-17); SelectCommercial bridge 9.00% (2026-07-02)
- 2026 bridge-lender surveys (8–14% overall; office at the wide end); debt-fund spreads SOFR+350–650bps, 30-day SOFR ~3.65% (CRED iQ 2026-04-17)
- CRED iQ Q1 2026 CRE spread survey (OFF 220bps over 10yr UST, as of 2026-03-31) + 10yr UST 4.49% (2026-07-02, U.S. Treasury daily yield curve); spread band 193–313bps fixed at 2026-07-02 seed (SelectCommercial rate-sheet cross-check), re-sourced quarterly
- CRED iQ Q1 2026 CRE spread survey (RET 176bps over 10yr UST, as of 2026-03-31) + 10yr UST 4.49% (2026-07-02, U.S. Treasury daily yield curve); spread band 163–253bps fixed at 2026-07-02 seed (SelectCommercial rate-sheet cross-check), re-sourced quarterly
Market-level observations, not a loan offer, quote, or commitment. Actual pricing depends on full underwriting of the property, sponsor, and market conditions at application. This page is operated by RefiLoop, a commercial mortgage brokerage; RefiLoop is not a lender and does not make credit decisions.