Also, roughly $560.3 million in loan resolutions were reported, while $1.93 billion in newly delinquent loans were also reported. Refi Market Softens The refinance market for commercial mortgage securities loans is softening, according to Morningstar. The payoff rate for CMBS loans in May dropped to its lowest level in more than two years, down to 65.3% from a payoff rate of 81.7% in April. The volume of CMBS loans due for repayment in May fell for the third time out of the past four months to $5.09 billion, down from $6.00 billion in April, and remains well below the 2016 high of $7.23 billion achieved in January. Morningstar expects the maturity payoff rate will continue to slide, which in turn will likely affect the delinquency rate as many of the loans coming due this year were written in 2006 under optimistic cash flow projections that never materialized. The rate for loans 30 days past due posted its largest increase in five months, rising to 2.79% from 1.96% in April, affected by the declining payoff rate for loans maturing in May. Fannie Mae delinquencies also ticked up between April and June.
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