March Rates and Tariffs Affects on Construction

 Multifamily Mortgage Rates for March 2026

Tariff Effects on Multifamily Development

The Supreme Court’s decision striking down President Trump’s global tariffs has left multifamily developers feeling both relieved and unsure about what comes next. The ruling means developers might get refunds on tariffs they paid over the past year, but Trump quickly responded by adding a new 15% tariff under a different law. Housing groups say this back‑and‑forth makes it harder to build apartments during a national affordability crisis. Bill Owens from the National Association of Home Builders said the president still has a lot of power over tariffs and urged him to exempt building materials because higher costs slow construction and disrupt supply chains.

Trump argued that a 1977 law let him impose “liberation tariffs” without Congress, but the Supreme Court disagreed. Chief Justice John Roberts wrote that the president can’t claim unlimited tariff power without clear approval from Congress. Developers say they’re glad the ruling reins things in, but they’re still nervous because other tariffs—like those on steel and aluminum—are still in place, and the new 15% tariff could last 150 days unless Congress extends it.

Industry groups warn that apartment construction is already slowing, and the country needs millions more units by 2035. Many developers had delayed projects or stockpiled materials because tariffs made financing unpredictable.  Tariffs raised construction costs and made lenders and investors more cautious. Even if refunds happen, it is doubtful  they’ll be quick, though they could return large sums to companies.

Refunds would be handled by the Court of International Trade, which has experience with these cases, but the timeline is unclear. Developers are being told to gather receipts and documentation now so they’re ready to file. If refunds do come through, experts say it could free up capital for new projects. For now, developers remain stuck navigating volatile prices and uncertain policy changes.

Current Multifamily Mortgage Rates for March 2026

Conventional 10 yr Rates:               4.75% - 7.75%                    

USDA Rates :                       6.15% - 9.00%

Private Bank 10yr Rates:                    5.12% - 8.50%

Ins. Rates 10yr:                     5.10% - 8.40%

CMBS 10 yr Rates :                            5.58% - 7.45%

Bridge Rates 2yr :                5.80% - 12.25%

Fannie Mae 10yr Rates :                    5.35% - 6.35%

FHA Ins. Rates :                  4.65% - 6.00%

Freddie Mac Stnd. Rates :                 5.75% - 9.35%

Freddie SBL Rates :              5.65% - 9.10%

Construction Rates 2yr :                    5.45% - 8.80% 

Mezzanine Rates :                 6.35% - 10.00%

See why FHA insurance rates are lower, long term, 87% LTC and always non-recourse/fixed.

You can find out more here: https://www.trustlender.com  Or Call John at 800-536-3371 (800-LENDER-1) ext:1011