Monthly secondary volume edged higher at Freddie Mac, but quarterly business dropped by nearly half. Residential delinquency continued to deteriorate.
Third-quarter purchase and issuances were $87.6 billion, according to a monthly summary of operational information released today. Volume was down from $162.0 billion in the second quarter and $145.2 billion during the third-quarter 2007.
During just September, secondary purchases totaled $27.2 billion, edging up from $25.8 billion in August but less than half of the $59.7 billion in purchases and issuances a year earlier.
Year-to-date volume through September was $384.1 billion.
The McLean, Va.-based company's total mortgage portfolio was $2.196 trillion on Sept. 30, edging up from $2.192 trillion on Aug. 31. The total portfolio was comprised of a retained portfolio of $0.737 trillion and outstanding participation certificates of $1.459 trillion.
Residential delinquency of at least 90 days stood at 1.22 percent on Sept. 30, rising from 1.11 percent on Aug. 31. Late payments were at the highest level since at least February 2001 -- the oldest data available at MortgageDaily.com.
Multifamily delinquency was 0.01 percent, unchanged from the prior month.
The monthly average duration gap remained at zero months.