### U.S. Commercial and Multifamily Mortgage Debt Reaches $4.8 Trillion
The total commercial and multifamily mortgage debt in the U.S. reached $4.79 trillion by the end of 2024, marking an increase of $172 billion (3.7%) from the previous year, according to the Mortgage Bankers Association’s (MBA) latest quarterly report.
Multifamily mortgage debt alone saw significant growth, rising by $38.9 billion (1.8%) in the fourth quarter and by $111 billion (5.4%) for the entire year, reaching a total of $2.16 trillion.
Mike Fratantoni, MBA’s Senior Vice President and Chief Economist, highlighted that life insurance companies experienced the fastest growth in commercial debt holdings, accounting for nearly 39% of the annual increase. In contrast, bank-held commercial real estate (CRE) debt grew by just 1% over the year.
“For the tenth consecutive quarter, multifamily debt outstanding increased at a faster rate than the overall commercial real estate market,” Fratantoni noted. “Nearly 56% of the growth in multifamily mortgage debt outstanding was driven by agency and GSE portfolios, as well as mortgage-backed securities.”
