It’s been at least 13 years since secondary mortgage activity at the Federal Home Loan Mortgage Corp. has been this slow. Also declining was residential loan delinquency.
At $17.009 billion during February, purchases and issuances were less than in any month since at least February 2001 — the oldest available data available at Mortgage Daily.
A spokeswoman for the McLean, Va.-based company noted that reports prior to 2012 included multifamily K-deal issuances. However, monthly volume summary reports issued since January 2013 and revised numbers issued for each month in 2012 exclude K-deals.
Freddie previously disclosed that during February, it priced one deal, K-036, for $1.1 billion. That would push total volume to around $18.1 — still the lowest month since at least February 2001.
In January, volume was $20.298 billion, while it was far higher in February 2013 at $42.850 billion.
From Jan. 1 through Feb. 28, purchases and issuances totaled $37.307 billion.
Freddie closed out last month with a $1.9082 trillion total mortgage portfolio. The total was trimmed from $1.9116 trillion a month earlier and reduced from $1.9417 trillion a year earlier.
The Feb. 28, 2014 total mortgage portfolio included an $0.4422 trillion mortgage investment portfolio and $1.4660 trillion in outstanding mortgage-related securities and other guarantee commitments.
Moving on to loan performance, delinquency of at least 90 days on the residential portion of Freddie’s book was 2.29 percent, matching a level last seen in March 2009.
The 90-day rate was 2.34 percent as of Jan. 31 and 3.15 percent at the same point last year.
Home loan performance has not deteriorated since September 2012, when the serious delinquency rates was 3.37 percent.
Multifamily delinquency of at least 60 days was unchanged from the previous month at 0.05 percent.
But Freddie’s past-due rate on commercial real estate loans was well below the 0.16 percent rate as of Feb. 28, 2013.
