Commercial mortgage delinquencies were mixed in the second quarter of 2026, according to the Mortgage Bankers Association’s (MBA) latest Commercial Delinquency Report. CMBS delinquencies improved by 42 basis points to 6.53%; bank delinquencies ticked downward by four bps to 1.20%; and life company, Fannie Mae and Freddie Mac delinquencies all increased, albeit modestly.

Even with the increases, delinquencies among life company and GSE commercial mortgages all remain below 1%. Life company loans posted the lowest Q2 2026 delinquency rate at 0.48, with Fannie Mae at 0.60% and Freddie Mac at 0.51%.

Looking specifically at multifamily mortgages, “Multifamily continues to face a tough combination of higher interest rates and challenging market fundamentals, with flat or declining effective rents in a number of markets,” said Reggie Booker, MBA’s associate VP of commercial research. “Conditions vary widely by market and property, with some owners refinancing successfully, while others are struggling to find financing. Additionally, delinquencies on multifamily loans are higher than in the recent past, though still in the middle of the historical range for the GSEs.”

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