The level of commercial and multifamily mortgage debt outstanding at the end of 2025 was $214 billion (4.5%) higher than at the end of 2024, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report.
On a quarterly basis, total mortgage debt outstanding rose 1.5% ($75.2 billion) to $4.99 trillion in the fourth quarter of 2025. Multifamily mortgage debt grew by $57.3 billion (2.6%) to $2.29 trillion in Q4, and by $142.9 billion (6.6%) for all of 2025.
“Growth was driven largely by multifamily lending and sustained activity from agency and GSE portfolios, which led to both quarterly and annual gains,” said Reggie Booker, MBA’s associate VP of commercial research. “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.”
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