Chart of the Week: Year-Over-Year Change in Commercial and Multifamily Mortgage Debt

Total mortgage debt on commercial and apartment properties, loans that have been originated but have not paid off yet, reached a record $5.1 trillion at the end of the second quarter of 2026. Overall commercial debt outstanding was 4% higher than a year earlier. Most of the largest holders of these loans added to their holdings over the year, but at varying speeds.

MBA: Multifamily Lending Increased 32% to $382 Billion in 2025

In 2025, 2,530 different multifamily lenders originated a total of $381.8 billion in new mortgages for multifamily properties with five or more units, according to the Mortgage Bankers Association’s (MBA) annual report of the multifamily lending market.

Commercial/Multifamily Borrowing Increased 16% in the Second Quarter of 2026

Commercial and multifamily mortgage loan originations were 16% higher in the second quarter of 2026 compared to a year earlier, and increased 12% from the first quarter of 2026, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

MBA: Commercial/Multifamily Borrowing Increased 52% in the First Quarter of 2026

Commercial and multifamily mortgage loan originations were 52% higher in the first quarter of 2026 compared to a year earlier, and decreased 30% from the fourth quarter of 2025, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.