The delinquency rate for U.S. commercial mortgage-backed securities loans fell 14 basis points in January to 9.57%, the lowest level in 11 months, according to Trepp's U.S. CMBS delinquency report.

This improvement marks the resumption of the downward trend in the rate that began in August 2012, the company noted.

"If the CMBS market was cycling, people would think that someone had been dumping performance enhancing drugs in the water cooler," said Manus Clancy, senior managing director of Trepp. "New issue volume hit a five-year high in January; spreads on legacy AJ and mezzanine paper collapsed; pricing levels on new deals came in remarkably tight across the credit stack; and the delinquency rate fell once again – all very positive signs for the market."

In January, there were $2.8 billion in newly delinquent loans, roughly 50 basis points of upward pressure on the delinquency rate.

Loan resolutions posted a slight bump this month, showing further improvement.

More than $1.2 billion in delinquent loans were resolved with losses last month, compared to $1.1 billion in December.

Among the five major property types, multifamily loans posted a 55 basis point improvement in delinquency rate between December and January.

Click here to read the report.