Commercial and multifamily mortgage delinquency rates remained low during the second quarter, although two lender categories reported an increase, according to the Mortgage Bankers Association.
The delinquency rate for commercial and multifamily mortgages was highest for commercial mortgage-backed securities at 4.04%, which was an increase of 17 basis points from the first quarter. Next were banks and thrifts at 0.66%, representing a seven-basis-point decrease from the first quarter.
Life company portfolios reported a delinquency rate of 0.11%, an increase of five basis points quarter-over-quarter. Fannie Mae also noted a one-basis-point rise in its commercial and multifamily delinquency rate to 0.07%. The rate for Freddie Mac during the second quarter was 0.02%, which was a two-basis-point drop.
For CMBS, the delinquency rate included loans that were 30 or more days delinquent or in REO. For bank and thrifts, the rate included loans that were 90 or more days delinquent or in nonaccrual. For the other three categories, loans included in the rate were 60 or more days delinquent.
"For most capital sources, commercial and multifamily mortgage delinquency rates are near the lowest levels seen during the past 20 years," said Jamie Woodwell, MBA vice president of commercial real estate research, in a news release Thursday. "Strong property fundamentals, rising property values and solid mortgage availability are all supporting these rates."
