Commercial & Multifamily

Commercial mortgage delinquencies were mixed in the first quarter of 2026, according to the Mortgage Bankers Association’s (MBA) latest Commercial Delinquency Report.

Commercial and multifamily mortgage loan originations were 52 percent higher in the first quarter of 2026 compared to a year earlier, and decreased 30 percent from the fourth quarter of 2025, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

Delinquency rates for mortgages backed by commercial properties increased during the first quarter of 2026. This is according to the Mortgage Bankers Association’s (MBA) latest commercial real estate finance (CREF) Loan Performance Survey.

The level of commercial and multifamily mortgage debt outstanding at the end of 2025 was $214 billion (4.5 percent) higher than at the end of 2024, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report.

The level of commercial/multifamily mortgage debt outstanding increased by $53.4 billion (1.1 percent) in the third quarter of 2025, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report.

Commercial and multifamily mortgage loan originations were 36 percent higher in the third quarter of 2025 compared to a year earlier, and increased 18 percent from the second quarter of 2025, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

The level of commercial/multifamily mortgage debt outstanding increased by $47.1 billion (1.0 percent) in the second quarter of 2025, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report. Total commercial/multifamily mortgage debt outstanding rose to $4.88 trillion at the end of the second quarter. Multifamily mortgage debt alone increased $27.7 billion (1.3 percent) to $2.19 trillion from the first quarter of 2025.

Commercial mortgage delinquencies increased in the second quarter of 2025, according to the Mortgage Bankers Association’s (MBA) latest Commercial Delinquency Report.

In 2024, 2,463 different multifamily lenders originated a total of $288.7 billion in new mortgages for multifamily properties with five or more units, according to the Mortgage Bankers Association’s (MBA) annual report of the multifamily lending market.

Commercial and multifamily mortgage loan originations were 66 percent higher in the second quarter of 2025 compared to a year earlier, and increased 48 percent from the first quarter of 2025, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.