Commercial mortgage delinquencies rose 33 basis points (bps) to 4.36% in September, according to the latest TreppWire CMBS Delinquency Report. That rate is more than double the delinquency rate from six months ago (1.97%).
According to the report, multifamily delinquencies surpassed 7% in September, and lodging delinquencies were near 7%.
Commercial mortgage-backed securities bonds, however, rallied during the month, with 10-year AAA spreads tightening 60 bps. In addition,, many AM bonds are trading for more than $80, Trepp observes, compared with a low of $35 last winter.