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Business Turns Higher at Freddie But Still Dismal

Mortgage News

Just a month after sinking to the lowest level in at least 13 years, new business at the Federal Home Loan Mortgage Corp. increased — though activity remains painfully low. Home loan performance continued to improve.

The secondary lending giant reported that purchases and issuances totaled $19.884 billion last month.

Activity moved up from March, when volume tumbled to $15.112 billion — the lowest level since at least February 2001. But business has substantially diminished from $47.298 billion reported for April 2013.

From Jan. 1 through April 30, purchases and issuances at the McLean, Va.-based company amounted to $72.303 billion.

Moving on to Freddie Mac’s total mortgage portfolio, April’s ending balance was $1.8988 trillion. The total declined from $1.9035 trillion one month earlier and $1.9492 trillion one year earlier.

The latest balance reflected an $0.4285 trillion investment portfolio and $1.4702 trillion in outstanding mortgage-related securities and other guarantee commitments.

Residential loan delinquency of at least 90 days finished last month at 2.15 percent.

The 90-day rate was 5 basis points lower than as of March 31 and 76 BPS better than as of April 30, 2013.

Serious delinquency has not increased since September 2012, when the rate was 3.37 percent, and is at its lowest level since February 2009, when it stood at 2.13 percent.

The rate of past-due payments of at least 60 days on multifamily loans inched up to 0.05 percent from 0.04 percent as of March 31 but was 4 BPS less than as of April 30, 2013.

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