Mortgage purchases sank at Fannie Mae.
October business volume of $48.7 billion shrunk from the previous month's level of $66.6 billion, Fannie said in its latest monthly summary report. In October 2005, volume amounted to $51.3 billion.
The book of business, at nearly $2.5 trillion, consisted of a $0.7 trillion gross mortgage portfolio and $1.8 trillion in outstanding mortgage-backed securities, the secondary lender reported.
The rate of single-family delinquency, which Fannie reports on a one-month lag, edged up 1 basis point from August to 0.61% in September.
The effective duration gap, or measure of the exposure to interest rate risk, remained at zero months in October, the Washington, D.C.-based company said.