Freddie Mac Reports a 22% Drop in Loan Purchases

Mortgage purchases by Freddie Mac fell for the third consecutive month in September to a level last seen in April 2012.

The government-sponsored enterprise reports purchases of single-family and multifamily loans totaled $28 billion in September, down 21.5% from August.

Single-family refinancings totaled $16 billion or 62% of all mortgage purchases in September. In August, Freddie purchased or guaranteed $21 billion in refinancing.

Freddie says relief refinancings comprised 39% of the $16 billion in refis in September. During the first half of this year, HARP refis made up 56% of relief refinancings.

The GSE purchased $1 billion in multifamily loans in September, which brings the total for the first nine months of this year up to $19 billion.

The GSE also reports that the serious delinquency rate on its single-family guaranty portfolio continued to decline.

The percentage of loans that are 90 days or more past due fell to 2.54% in September, down 6 basis points from August. A year ago, Freddie had a 3.2% serious delinquency rate.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Freddie-Mac-Reports-Drop-Loan-Purchases-1039569-1.html

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