It has been almost four years since residential loan performance has been this good at the Federal Home Loan Mortgage Corp., while it’s been more than four years since the rate of late payments on apartment loans has been this low. New business, however, slowed.
Almost as fast as it ascended in March, purchases and issuances at Freddie Mac fell last month.
The McLean, Va.-based company reported Friday $47.298 billion in volume last month. Purchases and issuances fell back from a month earlier, when $52.009 billion was reported. Business had been up 21 percent between February and March.
But secondary activity was much stronger than in April 2012, when Freddie generated $23.623 billion in purchases and issuances.
From Jan. 1 through the end of last month, new business totaled $185.276 billion.
Freddie reported a total mortgage portfolio of $1.9492 trillion as of April 30. The total ascended from $1.9483 trillion at the end of the previous month. At the same point in 2012, the total mortgage portfolio was $2.0324 trillion.
The mortgage investment portfolio accounted for $0.5283 trillion of the most recent total mortgage portfolio, while outstanding participation certificates of $1.4210 trillion made up the rest.
Moving on to delinquency, the 90-day delinquency rate on the residential portion of Freddie’s portfolio was 2.91 percent, a 12-basis-point improvement over March.
Residential delinquency has not increased since September 2012, when the rate was 3.37 percent.
In addition, serious delinquency on home loans stands at the lowest level since June 2009, when the rate was 2.78 percent.
Freddie’s delinquency rate was 3.51 percent as of April 30, 2012.
Multifamily delinquency of at least 60 days plunged to 0.09 percent from 0.16 percent as of March 31 and was also better than 0.25 percent at the same point last year.
The last time late payments on apartment loans was this low was in March 2009.
