For a while the commercial mortgage-backed securities market seemed to be holding steady, but it may have hit a rough patch this week, Trepp Analytics said in a Tuesday report.

While Trepp says it "spoke glowingly about the CMBS market" just last week because of how it maintained balance in the face of negative economic indicators, the research firm changed its tune somewhat Monday.

"After weeks of displaying nothing but strength, the CMBS market finally ran out of steam on Monday," Trepp wrote. "Spreads were lower across the board while volume was light. Word out of Spain was that yields on Spanish bonds had breached the 7.5% threshold. This reminded investors that the challenges facing Europe were far from over."

Trepp says U.S. stocks opened the week lower and investors ran to U.S. Treasuries for security. Meanwhile, CMBS spreads were wider and late in the day Monday the market had recovered little ground.

Trepp added, "Overall, legacy super senior bonds ended the day four to six basis points wider. The benchmark GSMS 2007-GG10 A4 bondfinished at 235 basis points over swaps--eight basis points wider than Friday's close. Bid list volume registered at around $200 million."