Freddie Mac Reports Highest Multifamily Delinquencies in 20 Years

Freddie Mac reported that serious multifamily mortgage delinquencies reached 0.64 percent in August 2026, marking the highest level in more than two decades and surpassing the peak of the Great Recession. This figure represents a steady climb from 0.6 percent in July 2026 and 0.48 percent in August 2025.

Fannie Mae reported a different trend for the same period, noting a slight decrease in serious multifamily delinquencies to 0.57 percent in August, down from 0.62 percent in July. Despite this dip, the rate remains significantly higher than the 0.24 percent recorded in December 2022.

Industry analysts attribute the rising delinquency trend to waning rental demand, slowing rent growth, and an increased cost of living. Furthermore, surging interest rates, including a 10-year Treasury yield exceeding 5.2 percent, have made it increasingly difficult for multifamily property owners to refinance troubled loans.