MBA Research

A chart of commercial and multifamily mortgage debt outstanding in the fourth quarter of 2025

Commercial and Multifamily Mortgage Debt Outstanding Increased to $5T in Q4

The increase also marked a 4.5 percent jump year-over-year.

A chart of commercial mortgage maturities from 2026 through 2035.

17 Percent of Commercial Mortgage Balances to Mature in 2026 

Trends point to a forecast of stronger years ahead for originations.

A chart of multifamily and commercial real estate loan originations from 2022 through 2025

Commercial and Multifamily Borrowing Went Up in Q4 2025 

This year showed a strong rebound from 2024.

A chart depicting the outstanding debts held by commercial and multifamily mortgage companies from the second quarter of 2025 to the third

Commercial and Multifamily Mortgage Debt Outstanding Increased in Q3 2025 

Agency and GSE portfolios once again led the market, with banks and life insurance companies also posting solid gains.

A chart of Commercial mortgage delinquency rates from 2021 through 2025

Commercial and Multifamily Mortgage Delinquency Rates Mixed in Q3

Property values have stabilized, but loan performance is impacted by shifting property fundamentals, including higher vacancy rates and slower rent growth.

A chart of commercial and multifamily loan originations from Q1 through Q3 2025

Commercial and Multifamily Borrowing Increased 36 Percent in Q3

Borrowing has now increased for five straight quarters on both a quarterly and annual basis.

A chart of multifamily debt holdings through 2025

How CRE Mortgage Debt Trended in Q2

Read the findings of the Mortgage Bankers Association’s latest quarterly report.

A chart of loan originations from 2022 through 2025

Commercial/Multifamily Borrowing Increased 66 Percent in Q2

Among investor types, the dollar volume of loans originated for depositories increased by 108 percent year-over-year.

A chart depicting the level of commercial/multifamily mortgage debt outstanding in the first quarter of 2025

Commercial Mortgage Debt Outstanding Increased in Q1

Despite lower origination volumes, the overall level of commercial mortgage debt rose in the first quarter of 2025.

A chart of loan delinquencies from 2021 through 2025

Commercial and Multifamily Mortgage Delinquency Rates Increased in Q1 2025 

The uptick in CMBS delinquencies signals stress in some market areas, according to MBA research.