Mortgage Bankers Assocation

A chart of commercial and multifamily borrowing numbers in the first half of 2026

Commercial and Multifamily Lending Makes Strides in Q2

The overall increase in lending points to continued improvement in commercial real estate finance markets. 

A chart of commercial property mortgages in the second quarter of 2026

Delinquency Rates for Commercial Properties Decreased in Q2

Office and lodging continued to exhibit the highest delinquency rates.

A chart of commercial and multifamily mortgage debt in 2026

Commercial and Multifamily Mortgage Debt Outstanding Crossed $5T in Q1

The milestone reflects the resiliency and depth of commercial markets.

A chart of commercial mortgage delinquencies from 2022 through the first quarter of 2026

Commercial and Multifamily Mortgage Delinquencies Remained Mixed in Q1

While overall loan fundamentals remain relatively healthy, trends varied across capital sources.

A chart of the total CRE lending breakdown of 2025

Commercial Real Estate Lending, Borrowing Jumped 40% in 2025

MBA’s analysis shows a “meaningful rebound” as capital markets stabilized.

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 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 photo of Mike Fratantoni, the MBA's chief Economist & senior vice president of research and business development delivering the organization's economic and CRE finance outlook.

MBA–CREF Special Report: Surveying the Lending Landscape

Which lenders and capital structures are coming out on top in this investment cycle?

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.