MBA: Multifamily Mortgage Volume Rose 32% in 2025

MBA: Multifamily Mortgage Volume Rose 32% in 2025
News| August 17, 2026| Paul Bubny
Apartment Buildings

In 2025, 2,530 different multifamily lenders originated a total of $381.8 billion in new mortgages for multifamily properties with five or more units, according to the Mortgage Bankers Association’s (MBA) annual report of the multifamily lending market. The total represents a 32% increase over 2024 levels.

“Multifamily lending gained significant momentum in 2025, with dollar volume increasing 32% from 2024 as lenders of all sizes remained active across a broad range of capital sources,” said Reggie Booker, MBA’s associate VP of commercial research. “Greater rate stability and clearer pricing expectations helped bring borrowers and lenders back to the market, supporting increased refinancing and acquisition activity throughout the year.”

By dollar volume, the greatest share (40% of the total) went to GSEs Fannie Mae and Freddie Mac. The top five multifamily lenders in 2025 by dollar volume were JPMorgan Chase & Co., Wells Fargo, Walker & Dunlop, Berkadia and CBRE.

The conversations behind tomorrow’s apartment deals happen at Connect Apartments on September 22 in LA. Connect with the capital sources, owners, developers, and brokers driving multifamily investment. Learn more and reserve your seat at www.connectapts2026.com.

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