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MBA: CRE Mortgage Delinquencies on the Rise

Commercial and multifamily mortgage delinquencies increased in the second quarter of 2023, the Mortage Banker Association (MBA) said Tuesday. MBA’s latest Commercial/Multifamily Delinquency Report shows increases for all lender types except life companies. 

“Delinquency rates on loans backed by commercial real estate properties rose during the second quarter for most capital sources,” said Jamie Woodwell, MBA’s head of commercial real estate research.  

He continued, “Although the uptick in delinquency rates was expected, they remain at the lower end of historical ranges. Higher and volatile interest rates, uncertainty about property values and stresses in some property markets have increased pressure on some loans and properties.”   

Based on the unpaid principal balance of loans, delinquency rates for each group at the end of Q2 2023 were as follows: 

  • Banks and thrifts: 0.66%, up 0.09 percentage points from Q1; 
  • Life company portfolios: 0.14%, down 0.07 percentage points; 
  • Fannie Mae: 0.37%, up 0.02 percentage points; 
  • Freddie Mac: 0.21%, up 0.08 percentage points; and 
  • CMBS: 3.82%, up 0.82 percentage points. 

MBA’s Commercial/Multifamily Delinquency Report doesn’t include construction and development loans. 


Inside The Story

Mortgage Bankers Association

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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