Commercial and multifamily mortgage debt increased in the first quarter compared to the previous quarter, as mortgage originations remained strong, according to the Mortgage Bankers Association.
Total outstanding commercial and multifamily debt in the first quarter rose 1.5% to $2.68 trillion, compared to the fourth quarter of 2014. Included in that total, multifamily mortgage debt rose 2.1% to $989 billion.
Banks and thrifts increased their holdings of commercial and multifamily mortgage debt by 1.9%, or $18.4 billion. Agency, government-sponsored enterprises and mortgage-backed securities increased their total holdings by 2.4% or $10 billion.
Commercial banks increased their holdings of multifamily mortgage debt by $8 billion, or 2.7%. State and local government increased by $3.9 billion, or 4.4%. CMBS, CDO and other ABS issues saw the largest decline in their holdings of multifamily mortgage debt, by $2.1 billion, or down 2.8%.
