Commercial and Multifamily Mortgage Debt Outstanding Increased to $5T in Q4
The increase also marked a 4.5 percent jump year-over-year. Read the report.
The level of commercial and multifamily mortgage debt outstanding at the end of 2025 was $214 billion (4.5 percent) higher than at the end of 2024, according to the Mortgage Bankers Association’s latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report, released last month.
MBA’s report found that total mortgage debt outstanding, on a quarterly basis, rose by 1.5 percent ($75.2 billion) to $4.99 trillion in the fourth-quarter of 2025. Multifamily mortgage debt grew by $57.3 billion (2.6 percent) to $2.29 trillion during the fourth quarter, and by $142.9 billion (6.6 percent) for all of 2025.
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Commercial and multifamily mortgage debt outstanding increased to almost $5.0 trillion in the fourth quarter of 2025, up 4.5 percent compared to the fourth quarter of 2024. Multifamily debt now totals $2.3 trillion, up 6.6 percent compared to 2024. Growth was driven largely by multifamily lending and sustained activity from agency and GSE portfolios, which led to both quarterly and annual gains.
Banks and thrifts still largest holders
While banks remain the largest holders overall, the steady pace of growth across investor groups reflects a market that is still active, but increasingly selective as lenders navigate a higher rate environment and evolving property fundamentals.
Commercial banks and thrifts continue to hold the largest share (37 percent) of commercial/multifamily mortgages at $1.9 trillion. Agency and GSE portfolios and MBS are the second largest holders of commercial/multifamily mortgages at $1.1 trillion (23 percent of the total). Life insurance companies hold $774 billion (16 percent), and CMBS, CDO and other ABS issues hold $647 billion (13 percent).
—Posted on April 20, 2026
