The delinquency rate for loans in commercial mortgage-backed securities (CMBS) hit their lowest level since June 2016, according to new data from Trepp LLC

The overall delinquency rate for commercial real estate loans in CMBS is now 4.36 percent, down 19 basis points from the March level. On a year-over-year measurement, the April rate is 116 basis points lower than the April 2017 level of 5.52 percent.

Among the different sectors, the industrial delinquency rate saw the greatest decline with a 78-basis point drop to 4.53 percent. The multifamily delinquency rate slid 13 basis points to 2.26 percent, and Trepp cited the apartment loans as the best performing major property type.

“We recently noted that we felt the rate could potentially break the post-crisis low set in February 2016 at some point this year,” Trepp noted. “We stand by that prediction as the rate is only 21 basis points away from its post-crisis nadir. It wouldn't be all that surprising if a new low came before your July 4th barbecue.”