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Multifamily mortgage volume rises 32% in 2025, MBA data shows
The MBA said 2,530 lenders originated $381.8 billion in new multifamily mortgages in 2025, supported by more stable rates and clearer pricing expectations.
Multifamily mortgage originations for properties with five or more units increased sharply in 2025, with the Mortgage Bankers Association reporting a 32% jump versus 2024.
According to ConnectCRE’s summary of the MBA’s annual multifamily lending market report, 2,530 different multifamily lenders originated a total of $381.8 billion in new mortgages during 2025.
ConnectCRE also reported that rate stability and clearer pricing expectations helped bring borrowers and lenders back to the market, supporting more refinancing and acquisition activity throughout the year.
By dollar volume, the greatest share of 2025 multifamily lending went to GSEs Fannie Mae and Freddie Mac at 40%, with the top five lenders including JPMorgan Chase & Co., Wells Fargo, Walker & Dunlop, Berkadia, and CBRE.