We posted a new Refinance Test (2026Q1) effective for all new loans, except for small balance loans, starting April 13.

The implied 10-year forward rate is set at 5.46%. The expense growth rate varies based on economic conditions and property characteristics. Loan spread and cap rate growth assumption have been adjusted this quarter to reflect the current interest rate environment.

Visit our Refinance Test and Resources page for more materials.

Please contact your Freddie Mac Multifamily representative with any questions.