Commercial mortgage delinquency rates varied in the second quarter, with banks and commercial mortgage-backed securities (CMBS) improving while Fannie Mae, Freddie Mac and life company portfolios saw a modest delinquency uptick, according to a report from the Mortgage Bankers Association (MBA).

On the positive side, CMBS loans that were 30 or more days delinquent decreased 0.42 percentage points from the first quarter to 6.53%. The percentage of bank and thrift loans that were 90 or more days delinquent or in nonaccrual fell 0.04 percentage points from the first quarter to a total of 1.2%.

At the same time, life company portfolios saw loans that were 60 days or more delinquent rise to 0.48%, an increase of 0.1 percentage points from the first quarter.

Fannie Mae saw delinquencies rise 18 percentage points from the first quarter to 0.60%. Freddie Mac’s delinquency rate increased to 0.51% in the second quarter, up a scant 0.08 percentage points from the year’s first quarter.

One category highlighted by the MBA was delinquent multifamily loans. Reggie Booker, the group’s associate vice president of commercial research, said delinquencies in multifamily loans are higher than in the recent past. However, the loans remain in the middle of the historical range for Fannie and Freddie.

“Multifamily continues to face a tough combination of higher interest rates and challenging market fundamentals, with flat or declining effective rents in a number of markets,” said Booker. “Conditions vary widely by market and property, with some owners refinancing successfully, while others are struggling to find financing.”