Fannie Mae and Freddie Mac Multifamily Delinquency Rates Rise to Multi-Year Highs
nashnova research
August data from Fannie Mae and Freddie Mac show multifamily serious delinquency rates at multi-year highs — Freddie Mac's rate now exceeds its Great Recession peak. Shrinking tenant incomes and surging interest rates are accelerating stress across the apartment-loan market.
How bad are the delinquency numbers?
Freddie Mac's August multifamily serious delinquency rate — loans 60+ days past due — hit 0.64%, up from 0.60% in July, rising steadily since February.
This means → the rate has surpassed the prior peak of 0.35% set in August 2011, making it a 20-year high — worse than the worst of the Great Recession.
Fannie Mae's August rate came in at 0.57%, a slight dip from July's 0.62% but still far above the 0.24% logged in December 2022 — more than doubling in roughly two years.
How much of the market do these two control?
Fannie and Freddie together hold or guarantee roughly 23% of all U.S. multifamily mortgage debt and MBS — mortgage-backed securities, bundles of home loans packaged into tradeable bonds.
That makes them the second-largest holders, behind only commercial banks and thrifts. In 2026 they expanded aggressively, underwriting an estimated half of all new apartment loans.
This means → their delinquency rates are not a fringe signal — they are a core thermometer for the health of the entire apartment-lending market.
Why can't tenants pay?
Urban Institute data show that in 2025, one in five renting households paid late or missed rent entirely — up from 16.5% in 2024, a record high.
In plain terms = it is no longer just the lowest-income renters struggling — middle-income households are now falling behind too.
Bureau of Labor Statistics figures confirm: inflation-adjusted average hourly wages have been negative year-over-year for five straight months, eroding real purchasing power.
How does the rate spike close off the exit?
The 10-year U.S. Treasury yield jumped from 4.6% to above 5.2% within a single week. The 30-year fixed single-family mortgage rate broke above 7.4%, and some observers expect it to reach 8% this year.
This means → for distressed multifamily owners, the "refinance-to-survive" playbook — rolling old debt into new loans — is rapidly shrinking.
In plain terms = landlords used to buy time by refinancing, but now the new loan costs more than the old one. The exit is closing. Over-leveraged owners face accelerating risk exposure.
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