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 RATE
| 5 years* | 3.72% |
| 10 years** | 4.24% |
| 15 years | 4.58% |
| 20 years | 4.60% |
| 25 years | 4.60% |
| 30 years | 4.60% |
*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 Loan Rates and Dates report in the Client Portal.
| Year | Issue # | 5 yr | 10 yr | 15 yr | 20 yr | 25 yr | 30 yr | |
| 2024 | Spring | 161 | 4.05% | 4.44% | 4.44% | 4.44% | 4.44% | 4.44% |
| 2023 | Fall | 160 | 4.73% | 4.97% | 4.97% | 4.97% | 4.97% | 4.97% |
| 2023 | Spring | 159 | 3.90% | 4.15% | 4.15% | 4.15% | 4.15% | 4.15% |
| 2022 | Fall | 158 | 3.82% | 4.09% | 4.09% | 4.09% | 4.09% | 4.09% |
| 2022 | Spring | 157 | 3.07% | 3.36% | 3.36% | 3.36% | 3.36% | 3.36% |
| 2021 | Fall | 156 | 1.25% | 1.98% | 1.98% | 2.58% | 2.58% | 2.58% |
| 2021 | Summer | 154 | 1.47% | 2.41% | 2.41% | 2.41% | 2.41% | 2.41% |
| 2021 | Spring | 153 | 1.53% | 2.41% | 2.41% | 2.41% | 2.41% | 2.41% |
| 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 | 112 | 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% |