Delinquency Rates for Mortgages Backed by Commercial and Multifamily Properties Return to Pre-Covid Levels

According to the latest Mortgage Bankers Association’s (MBA) CREF Loan Performance Survey, delinquency rates for mortgages backed by commercial and multifamily properties decreased for the third straight month in March, reaching their lowest levels since April 2020 and the onset of the COVID-19 pandemic. In prepared remarks for the release of the CREF report Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research said, “Commercial and multifamily mortgage delinquencies fell for the third straight month in March and are now at their lowest level since the pandemic disrupted the economy and commercial real estate a year ago. There continues to be significant differences in loan performance by property type, with higher delinquencies rates for lodging- and retail-backed mortgages.”