Trepp, a provider of commercial mortgage-backed securities, said about 40% of CMBS loans managed to pay off on their scheduled balloon dates in July, down from 42.4% in June. While the July number was still above the 12-month rolling average of 38.9%, it is far below the pay-off rates prior to the 2008 financial crisis, which typically ran well above 70%. In September 2008, the pay-off rate was at 80%. CMBS are taking a bit of a pounding, with Fitch Ratings reporting earlier this week that delinquencies on loans within CMBS hit a record high in July as new late payments increased and few loan resolutions were made. Last month, $3 billion in new delinquencies outpaced the $1.4 billion in resolutions made on CMBS loans, according to Fitch. This prompted a 37-basis point increase to a CMBS delinquency rate of 9.01%, surpassing the previous record of 8.81% set in May. Write to: Kerri Panchuk.