Delinquency rates on commercial mortgages were mixed in the second quarter. The rate on banks' commercial and multifamily mortgages appears to have reached a plateau, while the delinquency rate for loans in commercial securities continued to climb during the period, according to the latest data from the MBA.
The Mortgage Bankers Association said the delinquency rate for loans held in commercial mortgage-backed securities is the highest since the series began in 1997.
Between the first quarter and second quarter of 2010, the 30+ day delinquency rate on loans held in CMBS rose 1.39 percentage points to 8.22%. The 60+ day delinquency rate on loans held in life company portfolios decreased 0.02 percentage points to 0.29%.
The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.01 percentage points to 0.80%. The same rate on multifamily loans held or insured by Freddie Mac increased 0.03 percentage points to 0.28%. And the rate on loans held by FDIC-insured banks and thrifts remained unchanged at 4.26%.
