MBA三季度调查：商业地产贷款逾期率续升，CMBS逾期率达4.97%
美国抵押贷款银行家协会（MBA）10月27日发布的商业地产融资（CREF）贷款表现调查显示，2026年第三季度主要资本来源的商业地产贷款逾期率多数继续上升。
截至9月30日，商业抵押贷款支持证券（CMBS）贷款逾期率升至4.97%，高于二季度的4.82%；寿险公司投资组合逾期率升至1.33%，二季度为1.19%；政府赞助企业房利美与房地美的逾期率升至1.16%，二季度为1.11%；联邦住房管理局（FHA）贷款逾期率则回落至0.90%，是主要来源中唯一改善的一项，二季度为1.06%。
调查样本覆盖3万亿美元贷款余额，相当于全美商业与多户住宅抵押债务总额5万亿美元的59%，数据来自各主要贷款方与服务机构自有投资组合的报告。
MBA首席经济学家Mike Fratantoni表示，第三季度商业地产贷款表现继续走弱，写字楼物业基本面仍在下滑，多户住宅行业也面临逆风，表现承压的贷款占比随之上升。
（来源：美国抵押贷款银行家协会）
MBA Q3 Survey: Commercial Property Loan Delinquencies Rise Again, CMBS Rate Hits 4.97%
Delinquency rates for commercial property loans increased for most major capital sources in the third quarter of 2026, according to the Commercial Real Estate Finance (CREF) Loan Performance Survey released by the Mortgage Bankers Association (MBA) on October 27.
As of September 30, the delinquency rate for loans held in commercial mortgage-backed securities (CMBS) rose to 4.97 percent, up from 4.82 percent in the second quarter. Life company portfolios rose to 1.33 percent from 1.19 percent, and government-sponsored enterprise loans (Fannie Mae and Freddie Mac) rose to 1.16 percent from 1.11 percent. FHA loans were the only major source to improve, easing to 0.90 percent from 1.06 percent.
The survey covers $3 trillion in loan balances, equal to 59 percent of the $5 trillion in total commercial and multifamily mortgage debt outstanding in the United States, based on reporting from major lenders and servicers on their own portfolios.
Mike Fratantoni, MBA's Chief Economist, said commercial property loan performance continued to weaken in the third quarter, with office property fundamentals still declining and the multifamily sector also facing headwinds, pushing up the share of loans under stress.
(Source: Mortgage Bankers Association)
来源：美国抵押贷款银行家协会
发布：GSM·美国（发布链接）
图片来源：按物业类型划分的季度末贷款逾期状况图表（MBA CREF贷款表现调查）
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