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CMBS delinquency rate for October 2026: Trepp 7.87%, KBRA 7.7%, and the rate backdrop

Two October CMBS delinquency readings, the Fed's October decision and this week's 30-year mortgage rate, each read on its source page.

Edited by Orion Jones, founder of Westward, which publishes ParcelHow we report

Trepp CMBS delinquency rate for October 2026: 7.87%, down 15 basis points

Trepp's CMBS delinquency rate fell 15 basis points to 7.87% in October from 8.02% in September, largely because a $975 million showroom loan in High Point and Las Vegas returned to current status. Retail rose 63 basis points to 7.21%, office rose 17 to 12.33% and multifamily rose five to 8.09%, while lodging fell 24 to 5.94% and industrial slipped four to 1.10%.

Our view

Our view: the lower headline rate came from one loan, so the property-type moves are the better read of the month.

Source: CRE Daily, the original page

KBRA CMBS delinquency rate for October 2026: 7.7%, distress rate 10.3%

KBRA's rated private-label CMBS 30+ day delinquency rate was 7.7% ($25.7 billion) in October, down 2 basis points from September and down 24 basis points from a year earlier. Its distress rate, which adds current loans that are specially serviced, was 10.3%, up 4 basis points on the month and down 52 basis points on the year. Office distress rose 11 basis points on newly delinquent loans.

Our view

Our view: KBRA and Trepp measure different pools, so their rates are best compared by direction, not by level.

Source: KBRA, CMBS Loan Performance Trends: October 2026, the original page

Fed holds the federal funds rate at 3.75% to 4% in October 2026

The Federal Open Market Committee voted 10 to 2 to keep the target range for the federal funds rate at 3-3/4 to 4 percent. Lisa D. Cook and Beth M. Hammack dissented, preferring to raise the range by 1/4 percentage point. The statement says inflation remains elevated.

Our view

Our view: two votes for a hike keep a lower-rate path for commercial borrowers uncertain.

Source: Federal Reserve, FOMC statement, the original page

30-year mortgage rate this week: Freddie Mac reports 7.18%

Freddie Mac's survey as of November 5, 2026 put the average 30-year fixed mortgage rate at 7.18%, down from 7.24% the week before and up from 6.22% a year earlier. The 15-year fixed rate averaged 6.57%. This is a residential rate survey, not a commercial loan rate.

Our view

Our view: it is a read on housing financing costs, not on what a commercial lender will quote.

Source: Freddie Mac, Primary Mortgage Market Survey, the original page

Facts come from the linked pages; “Our view” is ours. Not investment advice. Spotted a mistake? hello@westwardconsulting.ai

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