MBA Q3 Survey: Commercial Property Loan Delinquencies Rise Again, CMBS Rate Hits 4.97%
Delinquency rates for commercial property loans increased for most major capital sources in the third quarter of 2026, according to the Commercial Real Estate Finance (CREF) Loan Performance Survey released by the Mortgage Bankers Association (MBA) on October 27.
As of September 30, the delinquency rate for loans held in commercial mortgage-backed securities (CMBS) rose to 4.97 percent, up from 4.82 percent in the second quarter. Life company portfolios rose to 1.33 percent from 1.19 percent, and government-sponsored enterprise loans (Fannie Mae and Freddie Mac) rose to 1.16 percent from 1.11 percent. FHA loans were the only major source to improve, easing to 0.90 percent from 1.06 percent.
The survey covers $3 trillion in loan balances, equal to 59 percent of the $5 trillion in total commercial and multifamily mortgage debt outstanding in the United States, based on reporting from major lenders and servicers on their own portfolios.
Mike Fratantoni, MBA's Chief Economist, said commercial property loan performance continued to weaken in the third quarter, with office property fundamentals still declining and the multifamily sector also facing headwinds, pushing up the share of loans under stress.
(Source: Mortgage Bankers Association)
Source: Mortgage Bankers Association
Published by GSM · USA (original Chinese edition)
Photo: 按物业类型划分的季度末贷款逾期状况图表（MBA CREF贷款表现调查）
