US Commercial/Multifamily Borrowing Rises 42% Year-Over-Year in Q1

On Thursday, the Mortgage Bankers Association (MBA) released the results of its latest Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Commercial and multifamily mortgage loan originations were up 42% year-over-year in Q1. However, when compared to 2024Q4, they were 40% lower.

MBA reports that among investor types, the dollar volume of loans originated for depositories increased by 83% year-over-year. There was a 61% increase in loans for life insurance companies, a 37% increase in commercial mortgage-backed securities (CMBS) loans, a 20% increase in government sponsored enterprises (GSEs – Fannie Mae and Freddie Mac) loans, and a 12% increase in investor-driven lender loans.

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

“Commercial and multifamily mortgage originations posted a strong rebound in the first three months of the year, increasing 42% compared to year-ago levels. The first quarter of the year is typically the slowest, so this level of activity—particularly the strong gains in office, health care, and multifamily lending—signals renewed momentum and growing confidence in key segments of the market. Despite ongoing volatility in interest rates and the broader financial markets, borrowers and lenders are finding opportunities to move new deals forward.”