Secondary purchases continued to improve at Freddie Mac, but residential delinquency continued to deteriorate.
Second-quarter purchases and issuances totaled $162.0 billion, according to a monthly summary of business operations released today. Volume increased from $134.4 billion in the first quarter and $149.4 billion during the second quarter 2007.
For just June, secondary purchases were $53.7 billion, down from $65.1 billion in May -- when volume reached the highest level in nearly five years -- but higher than $51.3 billion in June 2007.
Freddie's total mortgage portfolio ended June at $2.202 trillion, rising from $2.191 trillion on May 31. The total portfolio consisted of an $0.792 trillion retained portfolio and outstanding participation certificates of $1.410 trillion.
Serious residential delinquency of at least 90 days, which the McLean, Va.-based company reports on a one-month lag, was 0.86 percent on May 31, rising to the highest level since February 2004. Residential delinquency stood at 0.81 percent on April 30.
Multifamily delinquency of at least 90 days, also reported on a one-month lag, was 0.04 percent at the end of May, up from 0.03 percent a month earlier.
The secondary lender's duration gap remained at zero months.