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National  + Apartments  |  August 17, 2026
Paul Bubny
By: Paul Bubny

MBA: Multifamily Mortgage Volume Rose 32% in 2025

In 2025, 2,530 different multifamily lenders originated a total of $381.8 billion in new mortgages for multifamily properties with five or more units, according to the Mortgage Bankers Association’s (MBA) annual report of the multifamily lending market. The total represents a 32% increase over 2024 levels.

“Multifamily lending gained significant momentum in 2025, with dollar volume increasing 32% from 2024 as lenders of all sizes remained active across a broad range of capital sources,” said Reggie Booker, MBA’s associate VP of commercial research. “Greater rate stability and clearer pricing expectations helped bring borrowers and lenders back to the market, supporting increased refinancing and acquisition activity throughout the year.”

By dollar volume, the greatest share (40% of the total) went to GSEs Fannie Mae and Freddie Mac. The top five multifamily lenders in 2025 by dollar volume were JPMorgan Chase & Co., Wells Fargo, Walker & Dunlop, Berkadia and CBRE.

Read More News Stories About: Mortgage Bankers Association
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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 GlobeSt.com 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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