Multifamily mortgages grew at fastest pace since 1993

Multifamily

Multifamily Reuters

The amount of outstanding U.S. mortgages for multifamily homes rose to $1.06 trillion in 2015, up 10.4 percent from a year earlier, which was its fastest annual pace since 1993, a U.S. industry group said on Monday.

The rise in multifamily loans helped propel the growth in commercial real estate mortgages by the largest amount since 2007, the Mortgage Bankers Association said.

Last year’s pickup in commercial lending coincided with the resilience in the single-family housing market in a steady U.S. economy.

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