According to the latest quarterly report from the Mortgage Bankers Association (MBA), commercial and multifamily mortgage debt outstanding increased by $47.7 billion (1.0%) in the third quarter of 2024, bringing total outstanding debt to $4.75 trillion at the end of Q3.
The largest contributor to this increase was multifamily mortgage debt, which rose by $29.8 billion (1.4%) to reach a total of $2.12 trillion in Q3.
Jamie Woodwell, head of commercial real estate research at MBA, noted that all major sources for commercial mortgage debt saw an increase during this period with life insurance companies leading the way and accounting for 44% of the overall quarterly increase.
In contrast, banks only saw a modest 0.3% growth in their CRE mortgages during this time frame and multifamily properties continue to outpace other property types for nine consecutive quarters.
Commercial banks still hold majority share (38%) with $1
