Todd Brefeld

In Q2 2026, US commercial and multifamily mortgage debt outstanding ↑$42.9B, or ~1%, reaching a record $5.1T by quarter's end across the market.
Multifamily mortgage debt alone ↑$20.7B, also ~1%, to $2.3T from Q1 2026, extending growth within a larger commercial Real Estate finance market.
The expansion reflected stronger borrowing activity and more capital availability, conditions that supported broader market growth and pushed outstanding debt to a new high.
Commercial banks held the largest share at $1.9T, or ~40%, followed by agency-backed portfolios and MBS at $1.2T, or ~25% in Q2 nationally.
Life insurers held $782B and CMBS, CDO, and other ABS held $651B, while agency-backed sources held half of outstanding multifamily debt nationally.

Commercial Mortgage Borrowing Reaches Record High

US 30-yr mortgage rates posted their first weekly decline after a seven-week climb, while the 15-yr fixed rate also eased into high-6% territory.
Purchase demand stayed soft: new-home mortgage applications ↓7% in the latest week, reinforcing affordability pressure as borrowing costs remained above ~7% for many buyers.
The 15-yr fixed, widely used by borrowers refinancing existing loans, landed in the high-6% range versus the mid-5% range a year earlier.
Industry leaders said elevated mortgage costs and affordability pressures continued keeping many prospective buyers on the sidelines across the US housing market recently.
A housing finance firm's outlook kept pressure in view: it projected 30-yr mortgage rates averaging low-7% in current Q4 and mid-7% in 2027.