Commercial and multifamily mortgages are improving, with delinquency rates seeing the biggest decline on record last quarter
Commercial and multifamily mortgages are improving, with delinquency rates seeing the biggest decline on record last quarter.
Data from the Mortgage Banker's Association shows commercial and multifamily mortgage delinquencies fell in every investor category. Commercial and multifamily loans held or issued by Freddie Mac saw 60+ day delinquencies fall 0.07%, while 60+ day delinquencies for those held in life company portfolios decreased 0.01%. The 30+ day delinquency rate for loans held in CMBS fell 0.74%, while the 90+ day delinquency rate for loans held by FDIC-insured banks and thrifts decreased 0.26%.
“The quarterly decline in the delinquency rate of loans held in commercial mortgage-backed securities (CMBS) was the largest on record, and delinquency rates for loans held by life companies and the GSEs remain low and fell lower during the quarter,” MBA Vice President of Commercial Real Estate Research Jamie Woodwell said.
