The delinquency rate for commercial mortgage-backed securities rose again in March as loans from 2006 and 2007 continued to reach maturity without being paid off through refinancing.

In its latest CMBS Delinquency Report, Trepp LLC said the delinquency rate for US commercial real estate loans in CMBS increased six basis points last month to 5.37% — the eleventh monthly increase in the past 13 months. The delinquency rate is now 115 basis points higher than the year-ago level.

Nearly $2 billion in CMBS loans became newly delinquent in March, while about $1.1 billion in loans that were previously delinquent were paid off with a loss or at par.

“With more and more loans turning delinquent after their maturity dates, another monthly increase in the CMBS delinquency rate has become par for the course,” Manus Clancy, senior managing director at Trepp, said in a news release.

“This will not last forever, but there is so much debt coming due in the immediate future that cannot be refinanced via CMBS because not many loans are making their way into new deals,” he added.

Late last year, Trepp said it did not expect the delinquency rate to decline anytime in the near future. It still believes that trend “will continue until the summer as the ‘wall of maturities’ plays out,” with the rate beginning to level off or retreat later in 2017.

According to Trepp, the percentage of CMBS loans that are seriously delinquent (loans that are more than 60 days delinquent, in foreclosure, owned by a lender, or non-performing balloons) is now 5.18%, down two basis points for the month.

Delinquency rates for three of the five major property sectors rose in March. The industrial segment climbed 109 basis points to 7.03%, while the lodging and office rates each increased 27 basis points to 3.70% and 7.38%, respectively.

The multifamily delinquency reading shed 22 basis points to 2.60% last month, with that sector remaining the best performing major property type.