By Jacob Passy | National Mortgage News
The amount of commercial and multifamily mortgage debt outstanding grew during the fourth quarter at the highest rate seen since 2007, surpassing the record high posted in the previous quarter, according to figures released by the Mortgage Bankers Association.
Total commercial/multifamily debt outstanding rose by $48.9 billion from the quarter prior, or 1.9%, to $2.64 trillion in the fourth quarter of 2014, the MBA reported. Of that total, multifamily mortgage debt outstanding comprised $964 billion, up $23.7 billion from the third quarter.
Rising property values and low interest rates contributed to the growth seen, MBA vice president of commercial real estate research Jamie Woodwell said in a news release, adding that banks, the government-sponsored enterprises and life insurance companies increased their books of business by more than 2% quarter-to-quarter.
