We posted a new Refinance Test (2026Q3) effective for all new loans starting October 1.

The implied 10-year forward rate is set at 4.73%. The expense growth rate varies based on economic conditions and property characteristics. The loan spread and cap rate growth assumptions keep the same as in the last quarter.

Visit our Refinance Test and Resources page for more materials.

Please contact your Freddie Mac Multifamily representative with any questions.