Delinquency rate on commercial mortgages on the rise

The delinquency rate on commercial mortgages jumped 33 basis points to 3.34 percent last month, according to Credit Suisse Group AG. Payments on $22.4 billion of mortgages were at least 60 days late in September, the report from the financial services firm said, a sharp increase from the same time period a year ago, when $3.2 billion in mortgages were delinquent. Credit Suisse analysts attributed the uptick in delinquencies to poor underwriting on recent loans, as borrowers expected rents on space — particularly retail — to keep rising.