Long-Term Lending Rates

The MFA often funds new issues by issuing a 10-year bond, locking in a fixed interest rate for ten years. As clients may borrow for up to thirty years, loans longer than ten years are typically refinanced every five years, following the initial ten years.

Please note that while new issues are generally for a 10-year term, the MFA will evaluate how best to finance each Issue based on market conditions, the requests received, and with our overall portfolio in mind, as we consider future refinancing risk.

Following are the current market rates, available for analytical purposes only.  

INDICATIVE LENDING RATES

5 years* 1.65%
10 years** 2.38%
15 years 2.72%
20 years 2.91%
25 years 2.91%
30 years 2.91%

*Loans with a term of five years will generally receive this rate.

 **Loans with terms of ten years or longer will generally receive this rate for the first ten years. Typically, at the end of ten years, the relending rate will be reset at the current market rate for a period to be determined at that point (likely five years).

Long Term Debt Amortization Schedules

When using the amortization schedules or completing Liability Servicing Limit Certificates, please use the indicative rates above to estimate annual debt servicing costs.  Please note that the 15, 20, 25, and 30-year rates are strictly indicative and may not be available for financing purposes.


Historical Rates

The following are the lending rates set at the commencement of each issue. The rates are typically set for the first ten years and then subject to a rate reset for loans exceeding that period. The 15, 20, 25, and 30-year terms will reflect the initial 10-year rate unless the MFA has issued a longer-term debenture. In 2020, rates were only set for the first five years, regardless of term. For Fall 2021, 10 and 15-year terms received a 10-year rate, while terms 20, 25, and 30 received an initial 20-year rate, as a 20-year debenture was issued.

Updated information on refinanced issues is in the Status of Loans document.

Year   Issue #  5 yr 10 yr 15 yr 20 yr 25 yr 30 yr
2021 Fall 156 1.25% 1.98% 1.98% 2.58% 2.58% 2.58%
2021 Summer 154 1.47% 2.41% 2.88% 3.09% 3.09% 3.09%
2021 Spring 153 1.53% 2.41% 2.73% 2.99% 2.99% 2.99%
2020 Fall 152 0.91% 0.91% 0.91% 0.91% 0.91% 0.91%
2020 Summer 151 1.28% 1.28% 1.28% 1.28% 1.28% 1.28%
2020 Spring 150 1.99% 1.99% 1.99% 1.99% 1.99% 1.99%
2019 Fall 149 1.970% 2.240% 2.240% 2.240% 2.240% 2.240%
2019 Spring 147 2.310% 2.660% 2.660% 2.660% 2.660% 2.660%
2018 Fall 146 2.900% 3.200%

3.200%

3.200% 3.200% 3.200%
2018 Spring 145 2.650% 3.150% 3.150% 3.150% 3.150% 3.150%
2017 Fall 142 2.800% 3.150% 3.150% 3.150% 3.150% 3.150%
2017 Spring 141 1.900% 2.800% 2.800% 2.800% 2.800% 2.800%
2016 Fall 139 1.500% 2.100% 2.100% 2.100% 2.100% 2.100%
2016 Spring 137 1.750% 2.600% 2.600% 2.600% 2.600% 2.600%
2015 Fall 133 1.700% 2.750% 2.750% 2.750% 2.750% 2.750%
2015 Spring 131 1.450% 2.200% 2.200% 2.200% 2.200% 2.200%
2014 Fall 130 2.050% 3.000% 3.000% 3.000% 3.000% 3.000%
2014 Spring 127 2.300% 3.300% 3.300% 3.300% 3.300% 3.300%
2013 Fall 126 2.750% 3.850% 3.850% 3.850% 3.850% 3.850%
2013 Spring 124 2.150% 3.150% 3.150% 3.150% 3.150% 3.150%
2012 Fall 121 2.050% 2.900% 2.900% 2.900% 2.900% 2.900%
2012 Spring 118 2.400% 3.400% 3.400% 3.400% 3.400% 3.400%
2011 Fall 117 2.150% 3.250% 3.250% 3.250% 3.250% 3.250%
2011 Spring 116 3.250% 4.200% 4.200% 4.200% 4.200%  
2010 Fall 110 2.520% 3.730% 3.730% 3.730% 3.730%  
2010 Spring 110 3.350% 4.500% 4.500% 4.500% 4.500%  
2009 Fall 106 3.230% 4.130% 4.130% 4.130% 4.130% 4.130%
2009 Spring 105 3.550% 4.900% 4.900% 4.900% 4.900%  
2008 Fall 104 4.350% 5.150% 5.150% 5.150% 5.150% 5.150%
2008 Spring 103 4.250% 4.650% 4.650% 4.650% 4.650% 4.650%
2007 Fall 102 4.820% 4.820% 4.820% 4.820% 4.820%  
2007 Spring 101 4.520% 4.520% 4.520% 4.520% 4.520%  
2006 Fall 99 4.240% 4.430% 4.430% 4.430% 4.430% 4.430%
2006 Spring 97 4.560% 4.660% 4.660% 4.660% 4.660%  
2005 Fall 95 3.870% 4.170% 4.170% 4.170% 4.170%  
2005 Spring 92/93 4.250% 4.550% 4.550% 5.100% 4.550%  
2004 Fall 85 4.525% 4.975% 4.975% 4.975% 4.975% 4.975%
2004 Spring 81 4.150% 4.860% 4.860% 4.860% 4.860%  
2003 Fall 80 4.060% 4.775% 4.775% 4.775% 4.775% 5.500%
2003 Spring 79 5.491% 5.491% 5.491% 5.491% 5.491% 5.570%
2002 Fall 78 5.370% 5.370% 5.370% 5.370% 5.370%  
2002 Spring 77 5.800% 6.060% 6.060% 6.060% 6.060%  
2001 Fall 75 5.100% 5.690% 5.690% 5.690% 5.690%  
2001 Spring 74 5.930% 5.930% 5.930% 5.930% 5.930%  
2000 Fall 73 6.360% 6.360% 6.360% 6.360% 6.360%  
2000 Spring 72 6.450% 6.450% 6.450% 6.450% 6.450%  
1999 Fall 71 5.840% 5.990% 5.990% 5.990% 5.990%  
1999 Spring 70 5.490% 5.490% 5.490% 5.490% 5.490%  
1998 Fall 69 5.550% 5.550% 5.550% 5.550% 5.550%  
1998 Spring 68 5.460% 5.460% 5.460% 5.460% 5.460%  
1997 Fall 66 5.500% 5.850% 5.850% 5.850% 5.850%  
1997 Spring 65 6.900% 6.900% 6.900% 6.900% 6.900%  
1996 Fall 64 7.421% 7.421% 7.421% 7.421% 7.421%  
1996 Spring 63 7.750% 7.750% 7.750% 7.750% 7.750%  
1995 Fall 61 7.900% 7.900% 8.000% 8.000% 8.000%  
1995 Spring 60 8.300% 8.660% 8.810% 8.800% 8.900%  
1994 Fall 59 9.350% 9.350% 9.470% 9.520% 9.520%  
1994 Spring 58 8.750% 8.850% 8.900% 8.950% 8.950%  
1993 Fall 56 7.800% 7.950% 8.000% 8.250% 8.500%  
1993 Spring 55 7.000% 7.625% 8.125% 8.500%    
1992 Fall 54 8.050% 8.050% 8.050% 8.050% 8.050%  
1992 Spring 53 9.625% 9.625% 9.625% 9.625%    
1991 Fall 51 9.500% 9.500% 9.500% 9.500% 9.500%  
1991 Spring 50 10.070% 10.070% 10.070% 10.070%    

 

Tools / Resources

Find status of loans, issue highlights, amortization schedules and historical rates.

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Credit Reports

Every year the MFA presents to 3 credit rating agencies to access the lowest rate possible for our clients.  Here are their findings.

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Annual Reports