Reviewed by Craig Hoebing, AZ Commercial Mortgage Banker CMB-1047342 · Updated October 2026
A commercial rate is not a number on a website. It is a line on a term sheet from the lender that would make the loan. Fixed means that lender is willing to hold a stated rate for a stated time, and only if the lock language says so. 'Market at closing' is not a lock. A window that expires if a report is late is a window with a condition. Read the expiration, the deposit, and what happens if you do not close. Floating means the rate is an index plus a margin. When the index moves, the rate can move, on the schedule in the note. The index name, the margin, and the cap or floor, if any, are the lender's. This page will not fill them in.
The Mortgage Bankers Association's research section discusses commercial mortgage markets. A research note is not a forecast we adopt and not a coupon. Trepp publishes commercial real estate data. A screen on that site is not our quote. We do not predict whether an index will rise or fall. Anyone who needs a payment for a budget should type a rate they choose into a calculator and treat the result as arithmetic.
Names you will see, and what they are not
Freddie Mac Multifamily lists lock choices on loans it purchases, including Standard Delivery, Early Rate-Lock, and Index Lock. Those are Freddie Mac's options for its own multifamily business, carried out with approved lenders. Capital Market Funds is not a Freddie Mac Optigo lender. Naming the options does not make them available from this office and does not state a rate. Capital Market Funds is not a Fannie Mae DUS lender.
A permanent loan is where a long fixed rate usually gets discussed, on Arizona permanent. Life-company loans are one place a fixed structure shows up, on life company. How to read the sheet that contains the lock is how to read a term sheet. The rates and loan calculator and the amortization calculator use a rate you type. The MBA originations note is a volume survey, not a pricing grid.
Questions worth asking before you rely on a lock
Is the rate fixed for the whole term, or only until a reset date? If it floats, which index, and who publishes it? Does the lock expire on a calendar day or when a condition fails? Is any deposit refundable if the lender withdraws? Does the payment in your budget use the fixed rate or the floating rate after a cap? Write the answers from the sheet, not from memory of a phone call.
The office is 7373 E Doubletree Ranch Rd #255, Scottsdale, AZ 85258. The phone is (480) 495-8072. Arizona CMB-1047342 and NMLS 1445066. We will not lock a rate ourselves, because we are not the lender. A conversation with Craig Hoebing is not a lock.
Sources
Questions
- Can Capital Market Funds lock a commercial mortgage rate?
- No. A lock, when one exists, is the lender's agreement on that lender's sheet. This firm arranges financing and does not set or hold the rate.
- What is the difference between a fixed lock and a floating rate?
- A fixed lock holds a stated rate for the window the sheet describes. A floating rate is an index plus a margin and can change when the index changes. This page does not quote either figure.
- Are Freddie Mac's Early Rate-Lock and Index Lock available from this office?
- Those are Freddie Mac options on loans it purchases through approved lenders. Capital Market Funds is not an Optigo lender. The names are not a rate.
- Will you say whether rates will be lower next quarter?
- No. This note does not forecast an index. Use a calculator with a rate you choose if you need arithmetic for a budget.