As delinquent loans increased for the third consecutive month, quarterly business purchases fell at Freddie Mac. But monthly activity surged as the government-sponsored enterprise saw its total mortgage portfolio surpass $2 trillion.
Third quarter loan purchases amounted to $145.2 billion, according to a monthly summary released yesterday. Business was off from $149.4 billion the prior period but higher than $122.5 billion during the third quarter 2006.
During just September, volume was $59.7 billion, surging from $45.0 billion in August, Freddie said.
The McLean, Va.-based company's total mortgage portfolio was $2.021 trillion on Sept. 30, including a retained portfolio of $0.713 trillion and outstanding participation certificates of $1.309 trillion, according to the data.
Residential delinquency of at least 90 days, reported on a one-month lag, ended August at 0.46 percent, 2 basis points above July 31, according to the data. Delinquency has risen three consecutive months.
Freddie said its duration gap remained at zero.