Multifamily mortgage lending is thriving despite rising interest rates.

Freddie Mac said it has bought nearly $5.2 billion of multifamily mortgages in the first nine months of this year, more than twice its multifamily volume for all of 1998. Fannie Mae said it bought $9.8 billion in the nine months, slightly ahead of the pace last year, when it bought $15.5 billion.

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