Freddie Reports New Low in Refi Volume

Freddie Mac acquired just $11 billion in single-family refinancings from lenders in November, down from $47 billion a year ago.

The secondary market agency also noted that 40% of its refinancings in November involved relief refinance mortgages. Generally, two-thirds of relief refinancings are HARP refis.

Overall, the government-sponsored enterprise purchased nearly $23 billion in mortgages in November, including $2 billion in multifamily mortgages.

At the height of the refinancing boom, the GSE purchased $62.5 billion in mortgages in November 2012, including $47 billion in single-family refinancings.

The secondary market agency also issued $25 billion in MBS in the November (the lowest level since December 2011), compared to $60 billion in MBS a year ago. This low level of MBS makes it easier for the Federal Reserve to reduce its monthly MBS purchases.

The November report also shows that the serious delinquency rate on Freddies single-family guaranteed portfolio continued to decline.

The percentage of loans that are 90 days or more past due fell to 2.43% in November, down five basis points from the month prior. A year ago, Freddie had a 3.25% serious delinquency rate.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Freddie-Reports-New-Low-in-Refi-Volume-1040372-1.html

Leave a Reply

WP2FB Auto Publish Powered By : XYZScripts.com
Bunk Beds