The delinquency rate for U.S. real estate loans in commercial mortgage-backed securities has fallen below 4 percent, its lowest level since the 2008 financial crisis. The CMBS loan delinquency rate fell to 3.95 percent in June, a decrease of 17 basis points from May, and 94 basis points lower than the beginning of the year, according to Trepp, a CMBS loan analyst.