US Commercial and Multifamily Mortgage Originations Rise in Q2

On Thursday, the Mortgage Bankers Association (MBA) reported that commercial and multifamily mortgage loan originations in Q2 increased 16% year-over-year and 12% from Q1, according to its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

Compared with 2025Q2, the dollar volume of loans for retail properties rose 61%, followed by increases of 47% for office properties, 19% for hotel properties, 8% for multifamily properties, and 6% for industrial properties. Health care property loan originations declined 19%.

By investor type, originations for commercial mortgage-backed securities increased 68% year-over-year. Loans for depositories rose 61%, and investor-driven lender loans increased 18%. Originations for government-sponsored enterprises, including Fannie Mae and Freddie Mac, declined 17%, while life insurance company loans fell 27%.

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

“Commercial and multifamily mortgage lending maintained its upward trajectory in the second quarter as improving capital markets and stronger transaction activity supported higher origination volumes. Office lending was strong, with increases in originations on an annual and quarterly basis, signaling renewed financing activity in a sector that has faced significant headwinds. Additionally, CMBS and bank lenders posted particularly strong gains in the second quarter. Although activity remains uneven across some capital sources and property sectors, the overall increase in lending points to continued improvement in commercial real estate finance markets.”