MBA: Commercial/Multifamily Borrowing Increases 42% in the First Quarter of 2025

Commercial and multifamily mortgage loan originations were 42% higher in the first quarter of 2025 compared to a year earlier, and decreased 40% from the fourth quarter of 2024, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

CMF Quote of the Week

“Commercial and multifamily mortgage originations posted a strong rebound in the first three months of the year, increasing 42% compared to year-ago levels.”
–Reggie Booker, Associate Vice President of Commercial Research with MBA

MBA Sends Letter Outlining Support Ahead of House Ways and Means Budget Reconciliation Markup

The Mortgage Bankers Association sent a letter to House Ways and Means Committee leadership ahead of the House budget reconciliation markup May 13. The association noted the amendment from Chairman Jason Smith (R-Mo.) represents an important step toward the goal of enacting tax legislation that spurs jobs and economic growth and community investment.

Chart of the Week: Total Commercial Real Estate Lending

According to MBA’s Annual Origination Summation, from 2020 to 2024, commercial and multifamily mortgage originations experienced notable shifts across investor types. The market peaked in 2021, driven by heightened activity across nearly all sectors, before experiencing a sharp decline in 2023. A modest rebound followed in 2024.