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Fannie Q3 Purchases Down

$63.5 billion September purchases, $171.1 billion quarterly

October 20, 2004

By MortgageDaily.com staff

Although Fannie Mae's monthly business purchases jumped, the gain was not enough to offset a quarterly drop.

Business volume of nearly $63.5 billion in September increased from the previous month's $52.1 billion, according to Fannie's latest monthly summary. At this time last year activity was much stronger at $145.6 billion.

Despite the monthly upturn, the report showed third quarter business volume of $171.1 billion was down significantly from $225.9 billion in the second quarter.

The latest monthly total consisted of $35.8 billion in mortgage-backed securities acquired by others and $27.7 in portfolio purchases, the Washington, D.C.-based company said.

September's book of business edged up closer to $2.3 trillion, of which outstanding MBS accounted for $1.4 trillion and the gross portfolio contributed $0.9 trillion, the government-sponsored enterprise reported.

Single-family delinquency of 0.58% in August nudged up one basis point from July, Fannie said, while the multifamily delinquency remained unchanged at 0.13%. Delinquencies are reported on a one-month lag.

The duration gap, which measures the balance of Fannie's cash flows on assets and liabilities, was reportedly negative two months in September, unchanged from the previous month. A negative duration gap indicates that effective duration of liabilities exceeds the effective duration of assets.

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