WASHINGTON, DC—The Mortgage Bankers Association continues to delivers good-and increasingly, routine-news about commercial and multifamily mortgage loans. Delinquency rates for these loans continued to decline in the fourth quarter of 2013, according to its Commercial/Multifamily Delinquency Report.

The reason is simple-and a continuing theme for the industry: Rising property incomes and values continue to boost the performance of these loans, according to Jamie Woodwell, MBA's Vice President of Commercial Real Estate Research. "Commercial and multifamily mortgages performed relatively well during the downturn, and for most investor groups delinquency rates are now back in the lower end of their historical range," he says in a prepared statement.

The fourth quarter 2013 delinquency rate for commercial and multifamily mortgages held in life insurance company portfolios was 7.48 percentage points lower than the series high of 7.53%, which was reached during the second quarter of 1992.

The delinquency rate for multifamily loans held by Freddie Mac was 6.72 percentage points lower than the fourth quarter of 1992 when the series high was at 6.81%.

The delinquency rate for multifamily loans held by Fannie Mae was 3.52 percentage points below the series high of 3.62% in the fourth quarter of 1991.

The rate for commercial and multifamily mortgages held by banks and thrifts was 4.88 percentage points lower than the series high of 6.58%, reached in the second quarter of 1991.

The rate for loans held in CMBS was 2.05 percentage points below the series high of 9.02%, reached in the second quarter of 2011.

Delinquency rates were as follows in Q4:

Life company portfolios: 0.05% (60 or more days delinquent);

Freddie Mac: 0.09% (60 or more days delinquent);

Fannie Mae: 0.10% (60 or more days delinquent);

Banks and thrifts: 1.70% (90 or more days delinquent or in non-accrual);

CMBS: 6.97% (30 or more days delinquent or in REO).