Commercial mortgage delinquencies increased in the second quarter of 2025, according to the Mortgage Bankers Association’s (MBA) latest Commercial Delinquency Report. The leading lender type for delinquencies was CMBS at 6.36%, a 45-basis-point uptick from Q1 in loans that are 30 or more days delinquent or in REO.
Banks and thrifts were the only other lender group with mortgage delinquencies above 1% in Q2, according to MBA. The 1.29% delinquency rate ticked up one percentage point from the previous quarter.
Delinquencies among the other mortgage lender groups were as follows: Fannie Mae at 0.61%, down two bps from Q1; life company portfolios at 0.51%, up four bps from the previous quarter; and Freddie Mac, up one bp to 0.47%.
“The delinquency rate for commercial mortgages increased in the second quarter of 2025 across most major capital sources,” said Reggie Booker, MBA’s associate VP of commercial real estate research. “The largest increase was among CMBS loans, driven by rising delinquencies in both multifamily and office properties. Delinquency trends continue to reflect differences in property type, loan structure, geography and borrower profile.”
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