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Commercial mortgage rates rise: Report from The Mortgage Store Online

05/28/2007

The Mortgage Store Online reports that commercial mortgage rates have risen this week: after having remained unchanged since April 2, 2007.

The former best commercial mortgage rate of 6.5% has risen 0.35% to the current lowest rate of 6.85% - a rate borrowers can keep for a full one year term.

Commercial mortgage rates that consumers can keep for 3 full years have moved from 6.6% up to 7.05%, while rates that can be kept for 5 years rose from 6.6% to 6.94%.

How much does this rate rise affect commercial mortgage payments? "For consumers getting the lowest commercial mortgage rate of 6.85%, payments on a one million dollar mortgage-amount kept for 35 years, will be $6,217.11/month," says Joe Janovich, president of The Mortgage Store Online.

"With the previous best rate of 6.5%, payments would have been $5,982.37/month on the same commercial loan amount: meaning commercial mortgage payments have increased by $234.74/month for every million dollars of mortgage," finishes Janovich.

For smaller commercial mortgage amounts such as $250,000 that borrowers take 35 years to pay off, with the new lowest rate of 6.85%, payments will be $1,554.28: up $58.69/month from last month's payments of $1,495.59/month based on the previous best rate of 6.5%.

Get free commercial mortgage rate quotes from one of The Mortgage Store Online's licensed mortgage agents. Just fill out the commercial mortgage rate quote form or call (866) 674-0548.

For regular rate updates, subscribe to our commercial mortgage RSS feed, or visit our rates page for current mortgage rate information.

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