Lending trends going down. (Source: Shutterstock)
The Mortgage Bankers Association cut its forecast for commercial real estate loan originations for 2023, pushing off a recovery until 2024.
Jamie Woodwell, the MBA's head of commercial real estate research, cited the effect of the Fed's rising interest rates. The Federal Reserve's Open Market Committee raised the federal funds rate 50 basis points Dec. 14 to 4.25% to 4.50%, up from near zero at the beginning of the year. The median estimate among FOMC members is that the rate will be 5.1% by the end of 2023.
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