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CRE Mortgage Debt Outstanding Posts Modest Increase in Q2
Commercial/multifamily mortgage debt outstanding increased quarter-over-quarter by 1%, or $47.1 billion, in the second quarter of 2025, the Mortgage Bankers Association (MBA) said Tuesday. The latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report finds that total commercial/multifamily mortgage debt outstanding rose to $4.88 trillion as Q2 ended, with multifamily mortgage debt alone increasing $27.7 billion (1.3%) to $2.19 trillion.
“Commercial and multifamily mortgage debt outstanding increased modestly in this year’s second quarter,” said Reggie Booker, MBA’s associate VP of commercial research. “Every major capital source added to its holdings, but growth varied, with life insurance companies increasing their holdings by 2.4% and banks by 0.9%.”
Commercial banks continue to hold the largest share (38%) of commercial/multifamily mortgages at $1.8 trillion. Agency and GSE portfolios and MBS are second largest (22%) at $1.08 trillion. Life insurance companies hold $769 billion (16%), and CMBS, CDO and other ABS issues hold $643 billion (13%).
- ◦Financing
