One building was unoccupied while the second was hosting an Aqiqah, a traditional Muslim celebration marking the birth of a child, the Fez prosecutor said in a statement.
The prosecutor said the death toll was preliminary and that an investigation has been opened.
A statement from the local authorities said eight families lived in the building where the celebration was taking place.
Both buildings had four storeys.
Reuters was unable to independently verify SNRT's damage report and the Interior Ministry did not immediately respond to a request for comment.
SNRT showed rescue workers and residents digging through the rubble to look for survivors overnight.
"My son who lives upstairs told me the building is coming down. When we went out, we saw the building collapsing," an old woman wrapped in a blanket told SNRT, without giving her name.
Another survivor, who lost his wife and three children in the collapse, told local Medi1 TV early on Wednesday that the rescuers were able to retrieve one body but he was still waiting for the others.
Fez, a former capital dating back to the eighth century and the country's third-most-populous city, was caught up in a wave of protests two months ago against the government over deteriorating living conditions and poor public services.
Adib Ben Ibrahim, housing secretary of state, said in January that approximately 38,800 buildings across the country have been classified as being at risk of collapse.
Wednesday's collapse is one of the worst in Morocco since the fall of a minaret in the historical northern city of Meknes, which killed 41 people in 2010.
Most of Morocco's population, financial and industrial hubs and vital infrastructure are concentrated in the northwest, with the rest of the country reliant on farming, fisheries and tourism.
In October, youth-led unrest revealed deep-seated anger over poverty and public services as the government pushes on with ambitious infrastructure projects and the opening of modern stadiums ahead of the 2030 FIFA World Cup.
Fez, one of the cities to host the World Cup and this month's African Cup of Nations football tournament, is one of the country's poorest urban centres with aging infrastructure.
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