Delinquency rates for commercial and multifamily mortgages declined in the third quarter, according to a report from the Mortgage Bankers Association.
The 30-day delinquency rate for loans underlying commercial mortgage-backed securities was 5.47%, or 37 basis points lower than the previous quarter.
Longer-term delinquency rates also declined. The number of Freddie Mac-insured multifamily loans that were more than 60 days past due fell 1 basis point, to 0.03%. The 60-day delinquency rate for multifamily loans in life insurance portfolios dropped 3 basis points, to 0.05%.
Meanwhile, the 90-day delinquency rate for loans held by banks and thrifts declined 12 basis points, to 1.28%.
"Commercial and multifamily mortgage loans continue to perform well," said Jamie Woodwell, a vice president at the Washington-based trade association, in a press release Tuesday. "Improving property fundamentals and values, as well as a strong finance market, are helping drive down delinquency rates across all investor groups."
