**U.S. Commercial and Multifamily Mortgage Debt Nears $5 Trillion in Q3 2025**
The level of commercial and multifamily mortgage debt in the United States continued its upward trend in the third quarter of 2025, rising by 1.1%—or $53.4 billion—according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report.
As of the end of the third quarter, total commercial and multifamily mortgage debt outstanding reached $4.93 trillion. This growth was largely driven by gains in the multifamily sector, which saw an increase of $40.3 billion (1.8%) from the previous quarter, bringing total multifamily mortgage debt to $2.24 trillion.
“Commercial and multifamily mortgage debt continued to grow during last year’s third quarter, driven by strong increases in multifamily lending,” said Reggie Booker, Associate Vice President of Commercial Research at MBA. “While economic and market uncertainty persists, agency and government-sponsored enterprise (GSE) portfolios once again led the market, with banks and life insurance companies also posting solid gains.”
Commercial banks continue to hold the largest share of commercial/multifamily mortgage debt, accounting for 37% or $1.8 trillion. Agency and GSE portfolios and mortgage-backed securities (MBS) follow with a 23% share at $1.11 trillion. Life insurance companies hold 16% of the market with $783 billion, and commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDO), and other asset-backed securities (ABS) account for 13% at $642 billion.
These figures underscore the continued resilience and growth of the U.S. commercial real estate finance sector, particularly within the multifamily market.
