{"id":1004795236,"date":"2026-04-20T01:01:00","date_gmt":"2026-04-20T09:01:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004795236"},"modified":"2026-04-15T23:56:28","modified_gmt":"2026-04-16T07:56:28","slug":"commercial-and-multifamily-mortgage-debt-outstanding-increased-to-4-99-trillion-in-fourth-quarter-2025","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/commercial-and-multifamily-mortgage-debt-outstanding-increased-to-4-99-trillion-in-fourth-quarter-2025\/","title":{"rendered":"Commercial and Multifamily Mortgage Debt Outstanding Increased to $5T in Q4"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2fde567eb81&quot;}\" data-wp-interactive=\"core\/image\" class=\"aligncenter size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"588\" data-attachment-id=\"1004795237\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/commercial-and-multifamily-mortgage-debt-outstanding-increased-to-4-99-trillion-in-fourth-quarter-2025\/0526_cpe_mba\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/0526_CPE_MBA.jpg\" data-orig-size=\"800,588\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"0526_CPE_MBA\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/0526_CPE_MBA.jpg?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/0526_CPE_MBA.jpg\" alt=\"A chart of commercial and multifamily mortgage debt outstanding in the fourth quarter of 2025\" class=\"wp-image-1004795237\" style=\"width:550px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/0526_CPE_MBA.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/0526_CPE_MBA.jpg?resize=300,221 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/0526_CPE_MBA.jpg?resize=768,564 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Source: Mortgage Bankers Association<\/figcaption><\/figure><\/div>\n\n\n<p>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\u2019s latest Commercial\/Multifamily Mortgage Debt Outstanding quarterly report, <a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2026\/03\/26\/commercial-and-multifamily-mortgage-debt-outstanding-increased-to--4.99-trillion-in-fourth-quarter-2025\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">released last month<\/a>.<\/p>\n\n\n\n<p>MBA\u2019s report found that total mortgage debt outstanding, on a quarterly basis, rose by 1.5 percent ($75.2 billion) to $4.99 trillion in the fourth quarter of 2025. Multifamily mortgage debt grew by $57.3 billion (2.6 percent) to $2.29 trillion during the fourth quarter, and by $142.9 billion (6.6 percent) for all of 2025.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/should-cre-worry-about-private-credit\/\">Should CRE Worry About Private Credit?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p>Commercial and multifamily mortgage debt outstanding increased to almost $5.0 trillion in the fourth quarter of 2025, up 4.5 percent compared to the fourth quarter of 2024. Multifamily debt now totals $2.3 trillion, up 6.6 percent compared to 2024. Growth was driven largely by multifamily lending and sustained activity from agency and GSE portfolios, which led to both quarterly and annual gains. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-banks-and-thrifts-still-largest-holders\">Banks and thrifts still largest holders<\/h2>\n\n\n\n<p>While banks remain the largest holders overall, the steady pace of growth across investor groups reflects a market that is still active, but increasingly selective as lenders navigate a higher rate environment and evolving property fundamentals.<\/p>\n\n\n\n<p>Commercial banks and thrifts continue to hold the largest share (37 percent) of commercial\/multifamily mortgages at $1.9 trillion. Agency and GSE portfolios and MBS are the second largest holders of commercial\/multifamily mortgages at $1.1 trillion (23 percent of the total). Life insurance companies hold $774 billion (16 percent), and CMBS, CDO and other ABS issues hold $647 billion (13 percent).<\/p>\n\n\n\n<p>\u2014Posted on April 20, 2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The increase also marked a 4.5 percent jump year-over-year.<\/p>\n","protected":false},"author":3703,"featured_media":1004795237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,37753,21742,37749],"tags":[47726],"class_list":["post-1004795236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-research-center-finance","category-latest","category-research-center-cpe","tag-mortgage-bankers-assocation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Commercial and Multifamily Mortgage Debt Outstanding Increased to $5T in Q4 - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/commercial-and-multifamily-mortgage-debt-outstanding-increased-to-4-99-trillion-in-fourth-quarter-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commercial and Multifamily Mortgage Debt Outstanding Increased to $5T in Q4\" \/>\n<meta property=\"og:description\" content=\"The increase also marked a 4.5 percent jump year-over-year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/commercial-and-multifamily-mortgage-debt-outstanding-increased-to-4-99-trillion-in-fourth-quarter-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-20T09:01:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/0526_CPE_MBA.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"588\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"MBA Research\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/commercial-and-multifamily-mortgage-debt-outstanding-increased-to-4-99-trillion-in-fourth-quarter-2025\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/commercial-and-multifamily-mortgage-debt-outstanding-increased-to-4-99-trillion-in-fourth-quarter-2025\/\",\"name\":\"Commercial and Multifamily Mortgage Debt Outstanding Increased to $5T in Q4 - 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