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Uptick in Freddie Purchases

Mortgage News

Secondary activity moved higher at Freddie Mac, while residential delinquency was down for the seventh straight month.

June purchases and issuances amounted to $26.4 billion, the McLean, Va.-based company reported Tuesday in its monthly operational summary. Business increased from $23.2 billion in May but still fell short of $30.9 billion in June 2010.

On a quarterly basis, second-quarter volume fell to $73.4 billion from $104.7 billion three months earlier. The latest three-month period was also weaker than in the second quarter of last year, when purchases and issuances were $82.2 billion.

From Jan. 1 through June 30, business at Freddie totaled $178.1 billion.

The total mortgage portfolio at the government-controlled enterprise ended last month at $2.1287 trillion, contracting from $2.1316 trillion at the end of May. At the same point in 2010, the portfolio totaled $2.2219 trillion.

The June 30 total reflected an investment portfolio of $0.6850 trillion and $1.4436 trillion in outstanding participation certificates.

Residential delinquency of at least 90 days finished June at 3.50 percent, 3 basis points better than in May. Delinquency has fallen every month since November 2010, when it stood at 3.85 percent. In June 2010, the rate was 3.96 percent.

Delinquency of at least two months on multifamily mortgages declined to 0.31 percent from May’s 0.38 percent but was higher than 0.22 percent a year earlier.

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