Commercial/Multifamily Lending to Hold Steady in 2022 Amidst Higher Rates and Economic Uncertainty

April 18, 2022 Commercial / Multifamily Commercial/Multifamily Forecast MBA Research Press Release


Adam DeSanctis

(202) 557-2727

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Total commercial and multifamily mortgage borrowing and lending is expected to hold steady at a projected $895 billion of total lending in 2022, roughly in line with 2021 totals ($891 billion). This is according to an updated forecast released today by the Mortgage Bankers Association (MBA).

Multifamily lending alone (which is also included in the total figures above) is expected to fall to $418 billion in 2022 – down 11 percent from last year’s estimated record of $470 billion. MBA anticipates borrowing and lending to grow in 2023, with almost $950 billion of total commercial real estate lending, and $442 billion in multifamily lending.

"The economic and interest rate outlook has shifted since MBA’s last updated commercial real estate finance (CREF) forecast in February," said Jamie Woodwell, MBA's Vice President for Commercial Real Estate Research. "The rapid rise in interest rates is expected to take some wind out of the sails of new lending activity, but healthy property fundamentals and strong property values should support the markets and keep commercial real estate mortgage demand at strong levels. Borrowing and lending should still match last year’s record levels."

Woodwell continued, “Multifamily lending is expected to remain robust during the rest of 2022 but is now expected to fall short of 2021’s record-high volumes.”  

For additional commentary on the pandemic's impact on the sector, visit MBA's Commercial/Multifamily Market Intelligence Blog.

MBA's commercial/multifamily members can download a copy of MBA's latest Commercial/Multifamily Real Estate Finance Forecast at