A HUD loan rate is the 10-year Treasury yield plus a spread, fixed for the life of the loan, with HUD's mortgage insurance premium paid on top. This page shows the latest 10-year Treasury and HUD's premium for HUD 223(f), 221(d)(4) and Section 232 loans; Bravo quotes the spread for each deal, and the rate on your loan is set when it is locked.
Today's 10-year Treasury
The figure below is the latest daily close of the 10-year U.S. Treasury yield from the Federal Reserve Bank of St. Louis (FRED series DGS10), the same feed as the Bravo Market Update on the homepage. It refreshes daily.
Bravo Market Update
Benchmark rates · updated daily
10-YR US TREASURY
4.91%
-3 bp
SOFR 1-MO TERM
3.91%
0 bp
Mortgage insurance premium by program
| Program | Mortgage insurance premium |
|---|---|
| HUD 223(f) apartments | 0.25% at closing, then 0.25% a year |
| HUD 221(d)(4) construction | 0.25% at closing and annually |
| HUD 232/223(f) healthcare | 1% at closing, then 0.65% a year |
Bravo quotes the spread for each transaction, because it depends on the program, loan size and property. Add the spread to the 10-year Treasury above for the note rate, then add the annual MIP for the yearly cost of the loan.
What moves the rate on your loan
- The benchmark. HUD rates follow the 10-year Treasury. When it moves, HUD rates move with it.
- The spread. What investors in the Ginnie Mae securities that fund HUD loans require on top of Treasuries; it varies by program, loan size and property.
- Rate lock timing. The rate is set when it is locked, late in the HUD process. Until then, any rate is an estimate.
- Mortgage insurance. HUD's annual premium, shown separately from the interest rate.
For a fuller explanation, read How HUD loan rates work. To refinance an existing HUD loan at a lower rate, see the HUD 223(a)(7) guide.
Request a rate quote How HUD loan rates work
Questions borrowers ask
What are HUD loan rates today?
A HUD loan rate is the 10-year Treasury yield plus a spread, fixed for the life of the loan, with HUD's mortgage insurance premium paid on top: 0.25% a year on HUD 223(f) and 221(d)(4) apartment loans and 0.65% a year on Section 232/223(f) healthcare loans. This page shows the latest 10-year Treasury and the premium for each program; the rate on a specific loan is set when it is locked.
Does Bravo publish a HUD rate quote?
No. Bravo quotes the spread for each transaction. The rate on your loan depends on the property, the program and market conditions on the day it is locked.
Why do HUD rates move with the 10-year Treasury?
HUD-insured loans are typically funded through Ginnie Mae mortgage-backed securities, so HUD rates move with U.S. Treasury yields and investor demand for those securities.
Is the mortgage insurance premium part of the interest rate?
No. The premium is paid on top of the rate: 0.25% a year on HUD apartment loans, and 1% at closing then 0.65% a year on Section 232/223(f) healthcare loans.
About the author
Aaron Krawitz is the founder and CEO of Bravo Capital, a HUD-approved MAP and LEAN lender in New York City. He founded Bravo in 2021 after serving as president of Dwight Capital. Bravo and its affiliate, Bravo Property Trust, have closed more than $2.5 billion in financing, and Bravo closed every HUD firm commitment it received in 2025.
