The Mortgage Bankers Association’s latest annual multifamily lending report shows a sharp rebound in mortgage activity for apartments in 2025. According to the MBA, 2,530 distinct multifamily lenders originated a combined $381.8 billion in new mortgages for properties with five or more units during the year. This figure represents a 32% increase in lending volume compared with 2024 levels, underscoring a broader resurgence in capital flows to the multifamily sector.
Reggie Booker, associate vice president of commercial research at the MBA, said multifamily lending “gained significant momentum” in 2025 as market participants returned to the field. He noted that lenders of all sizes were active and that capital was supplied across a wide range of sources. That breadth of participation points to a more competitive environment for multifamily debt, spanning government-sponsored enterprises, banks and other capital providers.
Booker attributed the pickup in originations in part to greater stability in interest rates and clearer expectations around pricing. With less volatility and more visibility on borrowing costs, both borrowers and lenders were better able to align on terms, which supported an increase in refinancing and acquisition financing throughout the year. The MBA report suggests that this combination of rate stability and improved price discovery helped unlock transactions that may have been delayed or sidelined in 2024.
Government-sponsored enterprises remained a central source of liquidity for the apartment market. By dollar volume, Fannie Mae and Freddie Mac together accounted for 40% of all multifamily mortgage lending in 2025, giving the agencies the single largest share of the market. Their role as a backbone of multifamily credit remained intact even as other capital sources became more active.
The report also highlighted the largest multifamily lenders by dollar volume for the year. The top five were JPMorgan Chase & Co., Wells Fargo, Walker & Dunlop, Berkadia and CBRE. Their presence among the leading originators underscores the influence of major banks and specialized multifamily finance platforms, as well as global brokerage and advisory firms, in shaping the flow of debt capital into the apartment sector.
Overall, the MBA’s findings indicate that multifamily mortgage lending in 2025 was characterized by higher volumes, broad lender participation and a financing environment supported by more predictable interest rates and clearer pricing benchmarks. While the report focuses on aggregate market activity rather than individual deals or specific property types within the multifamily universe, it signals a more active and accessible debt market for apartment owners and investors compared with the prior year.
