The commercial and multifamily mortgage market remained strong in 2022, ending the year with a 7.7% annual increase, according to the Mortgage Bankers Association.
The total mortgage debt outstanding of commercial and multifamily loans rose $77.9 billion in the fourth quarter of 2022 and was $324 billion higher than at the end of 2021. Multifamily mortgage debt edged up $35.6 billion (1.8%) to $1.96 trillion in Q4 and $148.2 billion (8.2%) for the entire year.
“The rate of growth was the second largest since 2007 – just below 2021’s pace,” said Jamie Woodwell, head of commercial real estate research at MBA. “Additionally, growth in multifamily mortgage balances accounted for almost half of the annual increase.”