Commercial real-estate loan delinquencies are ticking higher, topping 4.4% in July for all loans in bond deals but reaching 5% for office loans, according to...
Higher rates and tighter financial conditions took a bigger toll on the U.S. commercial mortgage market last month as more borrowers fell behind on debt payments.
It... Higher rates and tighter financial conditions took a bigger toll on the U.S. commercial mortgage market last month as more borrowers fell behind on debt payments. It ticked even higher to 5% for office loans, a segment of the market that’s been a worry for the Federal Reserve and the Treasury Department, including as prices for half-empty buildings wobble and as trillions of dollars in debt matures in a regime of higher borrowing costs.The below chart shows the sharp uptick in office loans in commercial mortgage-backed securities deals since December.
However, with the benchmark 10-year Treasury yield TMUBMUSD10Y pushing back above 4%, rates on commercial mortgage loans aren’t expected to soon retreat back to an era of cheap debt.
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