Multifamily mortgages are the largest factor in default rates of securities backed by commercial mortgages, a new Fitch IBCA report said.

Fitch studied 9,670 commercial mortgage loans and found that multifamily loans made up the largest chunk of that pool, 24%, and carried an above- average default rate, 0.8%. Mixed-use mortgages carry the lowest default rate, 0.25%, Fitch found.

Defaults throughout the market for securities backed by commercial mortgages remain "remarkably low," Fitch said. As of Dec. 31, only 0.5% of the loans backing Fitch-rated deals had defaulted, and none incurred a loss, Fitch said.

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