It’s been more than a year since monthly business has been this bad at the Federal Home Loan Mortgage Corp. But the company continued to make gains in its serious delinquency — pushing the rate of late payments to the lowest level in more than four years.
During the three months ended Sept. 30, purchases and issuances totaled $106.420 billion, according to monthly operational data released from the secondary lender.
New activity tumbled from the second quarter, when Freddie Mac generated $138.067 billion in business volume.
In the third-quarter 2012, purchases and issuances amounted to $112.919 billion.
On a monthly basis, secondary activity slowed from $35.963 billion in August to $28.207 billion last month — the lowest level of business since April 2012, when volume came in at just $25.851 billion.
In September 2012, purchases and issuances at the McLean, Va.-based firm totaled $37.918.
From Jan. 1 through Sept. 30 of this year, volume was $382.465 billion.
Freddie’s total mortgage portfolio eased, finishing last month at $1.9274 trillion versus $1.9343 trillion at the end of August. At the same point last year, the book of business was $1.9729 trillion.
Included in the Sept. 30 total was an $0.4978 trillion investment portfolio and $1.4296 trillion in outstanding mortgage-related securities and other guarantee commitments.
Freddie said its 90-day residential delinquency rate was 2.58 percent, better than 2.64 percent a month earlier and 3.37 percent in September 2012 — the last time residential delinquency worsened.
Serious residential delinquency is at it’s lowest level since April 2009, which it stood at 2.44 percent.
Multifamily 60-day delinquency was unchanged from August at 0.05 percent but has improved significantly from 0.27 percent in September 2012.