Although the monthly rate of past-due payments held steady on securitized commercial real estate loans, the rate was up 10 basis points on industrial and office property loans.
Delinquency of at least 30 days on loans that are included in commercial mortgage-backed securities landed at 3.62 percent in July.
The past-due CMBS rate was no different than in the previous month — when the balance of past-due loans was at it lowest level in nearly six years.
But a significant improvement has been made compared to the same month in 2014, when the 30-day rate was 4.35 percent.
The findings were reported by Morningstar Credit Ratings LLC based on the
$793 billion in CMBS that it rates.
Despite the lack of change in the past-due rate, a two-basis-point decline from June was recorded for multifamily loans, with the 30-day rate finishing the month at 1.93 percent.
Also down two BPS was delinquency on hotel loans, which was 3.18 percent.
A five-basis-point rise left the 30-day rate on loans secured by retail properties at 5.04 percent.
Delinquency on securitized health care property loans was 3.15 percent, nine BPS worse than in June.
At 5.58 percent, the 30-day rate on office property loans was 10 BPS higher than a month earlier.
Industrial property loans also saw the rate of late payments deteriorate by 10 BPS to 5.76 percent — the highest rate of any property type.
