Commercial and multifamily mortgage debt outstanding increased by $40.1 billion (0.9%) in the first quarter of 2024, according to the Mortgage Bankers Association's (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding report for the first quarter of 2024. And that's bad news.

"The amount of commercial mortgage debt outstanding increased in the first quarter of 2024, despite slow mortgage originations activity," Jamie Woodwell, MBA's Head of Commercial Real Estate Research, said in prepared remarks. "Every major capital source increased its holdings of commercial mortgages, as fewer loans than usual were paid off through property sales or refinancings."

In other words, this was accruing debt, not origination — new business that would also increase the debt load. The total increased to $4.7 trillion by the quarter's end. Multifamily mortgage debt alone was up 1.1%, or $23.7 billion, to $2.10 trillion from the fourth quarter of 2023.