Business was off at Freddie Mac last month and appears to be headed lower.
New business purchases fell to $41.9 billion during July, according to Freddie's monthly summary, off from $48.0 billion the prior month and $44.8 billion a year ago.
Mortgage purchase agreements, which have declined almost every month since March when the level was $32.0 billion, were $10.8 billion in July -- the lowest since November 2004.
The secondary lender's mortgage portfolio of $1.6 trillion included a retained portfolio of $0.7 trillion and outstanding participation certificates of $0.9 trillion.
Single family 90+ day delinquency, which the McLean, Va.-based company reports on a one-month lag, was down 1 basis point from June to 0.61%.
Freddie reported its average duration gap remained at zero.