The Federal Home Loan Mortgage Corp. reported that serious delinquency on residential loans fell again and stands at its lowest level in more than half a decade. New business, however, weakened.
Purchases and issuances last month at Freddie Mac came in at $19.569 billion, according to operational data released Tuesday.
Business dipped from April, when secondary activity at the McLean, Va.-based company totaled $19.884 billion.
Purchases and issuances plunged from the same month last year, when the total was $42.381 billion.
So far during 2014, volume has amounted to just $91.872 billion.
The most recent activity left Freddie’s total mortgage portfolio at $1.8955 trillion as of the end of last month, diminishing from $1.8988 trillion three months earlier and $1.9444 trillion twelve months earlier.
The May 31, 2014, total included an $0.4224 trillion investment portfolio and $1.4730 trillion in outstanding participation certificates, real estate investment conduits and other structured securities.
The secondary lender said that its residential delinquency of at least 90 days was 2.10 percent as of May 31.
The serious delinquency rate has not been this low since January 2009, when it stood at 1.98 percent.
Ninety-day home loan delinquency ended April 2014 at 2.15 percent and finished May 2013 at 2.85 percent.
Multifamily delinquency of at least 60 days inched up to 0.06 percent from 0.05 percent and was 0.08 percent as of May 31, 2013.