Commercial mortgage-backed security delinquencies declined during October, according to Fitch Ratings. It’s the sixth straight month that the CMBS delinquency rate has hovered below 5%.
CMBS late-pays fell seven basis points, to 4.7%, during October. Delinquent loan resolutions ($721 million) outpaced new additions to the index ($418 million) by a little over $300 million.
Improving office delinquency rates led the way towards stronger numbers, decreasing 19 basis points. Industrial delinquency rates dropped 12 basis points.
Not all the news is positive as retail and multifamily delinquency rates worsened by nine and seven basis points, respectively.