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Commercial mortgage-backed securities bucked a yearlong trend of rising delinquencies in May. The delinquency rate fell five basis points to 5.47% in May, according to Trepp’s latest report.
Rates have been steadily rising since last year as loans issued between 2006 and 2007 have matured without being paid off through refinancing. The delinquency rate has advanced in 12 of the last 15 months.
Trepp said the decline is unlikely to stick, and predicted delinquency rates will rise over the next few months as pre-crisis loans continue to mature. Year-to-date delinquencies are up 2.4%.
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