Posted on October 2, 2026

The Mortgage Bankers Association (MBA) Commercial Delinquency Report showed commercial mortgage delinquencies were mixed in Q2.

Based on unpaid principal balance, delinquency rates at the end of Q2 were as follows:

• Banks and thrifts (90+ days delinquent or in non-accrual): 1.20%, down 0.04 percentage points from Q1.
• Life company portfolios (60+ days delinquent): 0.48%, up 0.10 percentage points from Q1.
• Fannie Mae (60+ days delinquent): 0.60%, up 0.18 percentage points from Q1.
• Freddie Mac (60+ days delinquent): 0.51%, up 0.08 percentage points from Q1.
• CMBS (30+ days delinquent or in REO): 6.53%, down 0.42 percentage points from Q1.

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

“Commercial mortgage delinquency rates varied in the second quarter, with CMBS delinquencies improving while Fannie Mae, Freddie Mac, and life company loans saw modest upticks. Multifamily continues to face a tough combination of higher interest rates and challenging market fundamentals, with flat or declining effective rents in a number of markets. Conditions vary widely by market and property, with some owners refinancing successfully, while others are struggling to find financing. Additionally, delinquencies on multifamily loans are higher than in the recent past, though still in the middle of the historical range for the GSEs.”

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