| Freddie’s New Business Purchases Worst Since Summer ’02
$44.2 billion in December purchases January 26, 2004 By MortgageDaily.com staff |
| December new business purchases were the lowest of the past eighteen months for one of the nation’s secondary mortgage lenders.
New business purchases of $44.2 billion last month slipped below November’s $44.5 billion, reported Freddie Mac in its latest monthly volume summary. The figure is way off the $91.2 billion reported for December 2002 and the lowest since July 2002. The total mortgage portfolio balance of $1.4 trillion was composed of $765.4 billion of net participation certificates and a retained portfolio of $644.4 billion, said the McLean, Virg.-based company. The single family delinquency rate rose slightly to 0.76% in November, while the multifamily delinquency rate of 0.06% increased from the previous month’s 0.01%, Freddie said. Both rates are reported on a one-month lag. The duration gap on Freddie’s portfolio was zero, which has remained unchanged since October, according to the report. |
