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U.S. CRE Mortgage Debt Outstanding Reaches $4.8T
The level of commercial and multifamily mortgage debt outstanding at the end of 2024 was $172 billion (3.7%) higher than at the end of 2023, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report. The report found that total mortgage debt outstanding reached $4.79 trillion in fourth-quarter 2024.
Multifamily mortgage debt alone grew by $38.9 billion (1.8%) to $2.16 trillion in Q4, and by $111 billion (5.4%) for the entire year.
Mike Fratantoni, MBA’s SVP and chief economist, said, “Life insurance companies had the fastest growth in commercial debt outstanding over the past year, accounting for almost 39% of the annual increase. By contrast, bank holdings increased by just 1% over the year.”
He continued, “For the tenth consecutive quarter, multifamily debt outstanding increased at a faster rate than the overall CRE market. Almost 56% of the growth in multifamily MDO reflected growth in agency and GSE portfolios and mortgage-backed securities.”
- ◦Financing
