Skip to content
FXFiboForex Fibonacci Chart
NewsMedium impact

US multifamily CMBS delinquency rate hits 8.1%, highest since 2016

The delinquency rate on US multifamily commercial mortgage-backed securities (CMBS) rose to 8.1% in October, the highest since 2016. Office CMBS delinquencies stand at a record 12.3%.

Published: 1 min read8 views
𝕏
US multifamily CMBS delinquency rate hits 8.1%, highest since 2016
Contents
  1. Summary
  2. Office delinquencies at a record
  3. Why it matters
  4. Possible market impact

Summary

According to Trepp data, the delinquency rate on US multifamily commercial mortgage-backed securities (CMBS) rose 5 basis points in October to 8.1%, the highest level since 2016. The rate has more than quadrupled since 2024.

Office delinquencies at a record

The office sector is in worse shape. Its CMBS delinquency rate climbed 17 basis points last month to 12.3%, matching the all-time high set in January 2026.

For context, after the 2008 financial crisis office delinquencies peaked at about 10.8% in 2012 — today's level is above that peak.

Why it matters

  • Pressure on regional banks: Much of US commercial real estate lending sits on the balance sheets of small and mid-sized banks, so rising delinquencies lift their credit risk.
  • Higher rates bite: Loans taken out when rates were low are now being refinanced at much higher cost.
  • Changing work patterns: Weaker post-pandemic demand for office space keeps property values under pressure.

Possible market impact

  • Dollar and the Fed: Signs of credit stress could temper expectations of tighter monetary policy. EUR/USD daily analysis
  • Gold: Financial-stability worries usually support safe-haven demand for gold. Gold daily analysis
  • Stocks: Banks and real estate investment trusts (REITs) are most exposed.

Data source: Trepp, via WOLFSTREET.com

This article is news and education, not trading advice. Follow live analyses on our Telegram channel and reach support at @fibonacci_chart with any questions.

Forex and CFD trading carries a high level of risk due to leverage and you may lose more than your initial capital. Content on this site is educational and not investment advice.

Get curated analysis every Friday

5 key events, 2 curated analyses and one tool or lesson — one-click unsubscribe.

Discussion(0)

Comments are reviewed before publishing.

    Related articles

    See all
    NewsHigh impact

    UK GDP grows 0.2% in September, Q3 up 0.7% and industrial output beats expectations

    The UK economy grew 0.2% in September, above the 0% forecast. Q3 growth of 0.7% and annual growth of 1.9% matched expectations, while industrial and manufacturing output rose.

    1 min read
    NewsHigh impact

    BoJ board member Asada: any further rate hikes should be cautious and gradual

    BoJ board member Asada says that with rates near neutral, further hikes would hit the economy harder and must be cautious. He is not entirely opposed to raising rates.

    2 min read
    NewsHigh impact

    Market sees 80–85% odds of Jensen Huang leaving Nvidia: would ousting him be a costly mistake?

    Market-implied odds of Huang's exit hit a record 85%, and Nvidia has lost $2.1 trillion in value since Oct 26. Some analysts argue removing him could be a mistake.

    2 min read