Commercial and Multifamily Borrowing Went Up in Q4 2025 

Commercial and multifamily mortgage loan originations were 30 percent higher in the fourth quarter of 2025 compared to a year earlier, and increased 25 percent from the third quarter of 2025, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released recently at the 2026 Commercial/Multifamily Finance Convention and Expo. 

The 30 percent increase in originations during the final three months of 2025 capped a much stronger year for commercial and multifamily mortgage lending, as activity for depositories increased sharply in the fourth quarter and for 2025 as a whole. Higher origination volumes in the fourth quarter point to improving conditions in commercial mortgage markets, though activity remains uneven across property types. 

2025 represented a strong rebound from 2024, as lending volumes increased across most investor categories amid greater rate stability and clearer pricing expectations. 

Originations increased by 30 percent in the third quarter of 2025 

Compared to a year earlier, a rise in originations for office, multifamily, industrial, and healthcare properties led to an overall increase in commercial/multifamily lending volumes. There was a 95 percent year-over-year increase in the dollar volume of loans for office properties, a 23 percent increase for industrial properties, a 22 percent increase for multifamily properties, and a 20 percent increase for health-care properties. Conversely, there was a 12 percent decrease for retail properties, and hotel property loan originations decreased 34 percent compared to the fourth quarter of 2024.    

Among investor types, the dollar volume of loans originated for depositories increased by 74 percent year-over-year. There was a 46 percent increase in loans for investor-driven lenders, a 5 percent increase in commercial mortgage-backed securities loans, a 4 percent increase in government sponsored enterprises (Fannie Mae and Freddie Mac) loans, and a 1 percent increase in life insurance company loans. 

—Posted on February 23, 2026