Secondary purchases tumbled at Freddie Mac, which saw delinquency rise to the highest level in at least seven years.
July purchases and issuances were $34.6 billion, the McLean, Va.-based company said in its monthly volume summary today. Activity fell from $53.7 billion in June and $40.5 billion a year earlier.
Freddie reported its total mortgage portfolio at $2.209 trillion as of July 31, up from $2.202 trillion on June 30. Components of the portfolio included an $0.798 trillion retained portfolio and $1.411 trillion in outstanding participation certificates.
The government-sponsored enterprise said residential delinquency as of July 31 was 1.01 percent, climbing from 0.93 percent on June 30 and 0.44 percent in July 2007. Delinquency is at its highest level since at least February 2001 -- the oldest data available at MortgageDaily.com.
Multifamily delinquency of at least 90 days was 0.03 percent on July 31, lower than 0.04 percent at the end of June.
Freddie said its duration gap was zero months in July, unchanged from June and May.