Commercial and multifamily originations were 16% higher in Q2 2026 than a year earlier, per the Mortgage Bankers Association, led by CMBS (+68%) and banks (+61%) while life companies (−27%) and Fannie and Freddie (−17%) pulled back.
+16%
Year over year; +12% from Q1 2026
By property: retail +61%, office +47%, hotel +19%, multifamily +8%, industrial +6%, health care −19%. By lender: CMBS +68%, banks and thrifts +61%, investor-driven lenders +18%, Fannie and Freddie −17%, life companies −27%.
As of Q2 2026. Mortgage Bankers Association, Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations
204 bp
Commercial, down 21 bp year over year; multifamily 162 bp
Fixed-rate, five-to-10-year permanent loans CBRE originated or brokered. Average LTV 59.6% (commercial), 63.3% (multifamily); DSCR 1.43; average rate 5.7%.
As of Q2 2026. CBRE Lending Momentum Index, Q2 2026
Easier
Demand basically unchanged
In the Fed’s July 2026 survey, banks "generally reported easier standards and basically unchanged demand" for CRE loans in the second quarter.
As of Q2 2026 (July 2026 survey). Federal Reserve, Senior Loan Officer Opinion Survey, July 2026
As of the second quarter, more loans were closing, and on easier terms. CBRE's survey says lenders were competing on price rather than on loan-to-value: average spreads narrowed 21 bp from a year earlier, at an average commercial LTV of 59.6%.
All three are second-quarter numbers. The 10-year has risen since, from 4.67% on July 22 to about 5.0% now (see rates). The October Senior Loan Officer Survey and third-quarter origination figures will show whether lenders held their terms through that.
Send the deal to Janover Capital. A person there will reply.
