Commercial and Multifamily Mortgage Delinquencies Remained Mixed in Q1

Commercial mortgage delinquencies were mixed in the first quarter of 2026, according to the Mortgage Bankers Association’s latest Commercial Delinquency Report, released earlier this month.

---

READ ALSO: The Case for Bridge/Transitional Lending in a Repriced World

---

Commercial mortgage loan performance varied across capital sources during the first three months of the year. While overall loan performance remains relatively healthy, increases in CMBS and Fannie Mae delinquencies point to continued pressure from higher borrowing costs, refinancing challenges, and weaker conditions in some segments of the commercial real estate market. At the same time, delinquency rates for bank and Freddie Mac loans were stable or declined, reflecting the broader resilience of the market.

Delinquency rates by group

Based on the unpaid principal balance (UPB) of loans, delinquency rates for each group at the end of the first quarter of 2026 were as follows:

• Banks and thrifts (90 or more days delinquent or in non-accrual): 1.24 percent, a decrease of 0.01 percentage points from the fourth quarter of 2025;

• Life company portfolios (60 or more days delinquent): 0.38 percent, an increase of 0.06 percentage points from the fourth quarter of 2025;

• Fannie Mae (60 or more days delinquent): 0.78 percent, an increase of 0.04 percentage points from the fourth quarter of 2025;

• Freddie Mac (60 or more days delinquent): 0.43 percent, a decrease of 0.01 percentage points from the fourth quarter of 2025; and

• CMBS (30 or more days delinquent or in REO): 7.28 percent, an increase of 0.7 percentage points from the fourth quarter of 2025.

Download the current report here. In addition to this report, MBA works with its servicer members to develop the CREF Loan Performance Survey each quarter.  For more information on the most recent results and the historical, visit this link.

—Posted on June 23, 2026