US Commercial and Multifamily Mortgage Delinquency Rates Mixed in 2025Q4

On Tuesday, the Mortgage Bankers Association (MBA) released its latest Commercial Delinquency Report, showing commercial mortgage delinquencies were mixed in 2025Q4.

Based on unpaid principal balance, delinquency rates at the end of Q4 were as follows:

• Banks and thrifts (90+ days delinquent or in non-accrual): 1.23%, down 0.04 percentage points from Q3.
• Life company portfolios (60+ days delinquent): 0.32%, down 0.15 percentage points from Q3.
• Fannie Mae (60+ days delinquent): 0.74%, up 0.06 percentage points from Q3.
• Freddie Mac (60+ days delinquent): 0.44%, down 0.07 percentage points from Q3.
• CMBS (30+ days delinquent or in REO): 6.58%, unchanged from Q3.

Commenting on the report, MBA Associate Vice President of Commercial Research Reggie Booker said:

“Commercial mortgage performance remained generally stable in the fourth quarter of 2025, with most capital sources displaying modest improvements in delinquency rates. Delinquencies for Fannie Mae loans increased for the second straight quarter and are now above the midpoint of their historical range going back to 1996. While elevated stress in CMBS continues to reflect ongoing challenges in certain property sectors, overall loan performance remains resilient. In 2026, investors will be closely watching how refinancing pressures and economic conditions shape credit performance across capital sources.”