Reaffirming the results of its recent National Delinquency Survey, the Mortgage Bankers Association 9MBA) reported this week that commercial mortgage delinquencies increased in the first quarter of 2025. CMBS led with a 6.42% delinquency rate, up 0.64 percentage points from Q4 2024.
Running a distant second were banks and thrifts with a 1.28% delinquency rate, up 0.02 percentage points from the previous quarter. Fannie Mae loans followed with a 0.63% delinquency rate, followed by life company portfolios at 0.47% and Freddie Mac loans at 0.46%. MBA noted that each lender type measures delinquencies differently.
“Commercial mortgage delinquencies rose across all major capital sources in the first quarter of 2025, reflecting growing pressure on certain property sectors and loan types,” said Reggie Booker, MBA’s associate VP of commercial real estate research. “While delinquency rates remain relatively low for most investor groups, the uptick in CMBS delinquencies signals heightened stress in parts of the market that lack refinancing options or other challenges.”
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