**CMBS Leads in CRE Delinquencies, Says MBA Report**
Commercial mortgage delinquencies increased across all major capital sources in the first quarter of 2025, according to the Mortgage Bankers Association (MBA). The findings confirm the results of MBA’s recent National Delinquency Survey.
Commercial mortgage-backed securities (CMBS) reported the highest delinquency rate at 6.42%, marking a rise of 0.64 percentage points from the previous quarter.
Trailing behind, banks and thrifts saw a delinquency rate of 1.28%, a marginal increase of 0.02 percentage points. Fannie Mae loans followed with a rate of 0.63%, while life company portfolios and Freddie Mac loans posted rates of 0.47% and 0.46%, respectively. MBA emphasized that delinquency tracking methods vary among different lender types.
“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 Vice President 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 face other challenges.”
