Secondary mortgage purchases and serious loan delinquency reached the worst level in at least seven years at Freddie Mac.
Purchases and issuances were $19.3 billion last month, Freddie reported today in its monthly volume summary. Activity tumbled from $27.2 billion in September and $40.2 billion in October 2007.
Freddie’s monthly volume sank to its lowest level since at least February 2001 — the oldest available data at MortgageDaily.com.
From January through October, secondary acquisitions were $403.4 billion.
The secondary lender’s total mortgage portfolio ended last month at $2.195 trillion, edging down from $2.196 trillion in September. The total consisted of a $0.764 trillion retained portfolio and outstanding participation certificates of $1.431 trillion.
Delinquency of at least 90 days continued to climb, reaching 1.34 percent on Oct. 31 — its highest level on record. Serious delinquency was 1.22 percent on Sept. 30.
Multifamily delinquency of at least 90 days remained nearly nonexistent at 0.01 percent at the end of October.
The McLean, Va.-based company’s duration gap was zero months, where it has been since October 2007.
