July Marks Freddie’s Worst Purchase Month of the Year

Mortgage & Real Estate

Freddie Mac purchased $21.7 billion of mortgages from its seller/servicers in July, its worst acquisition month of the year and only about half of what it bought in January.

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Of course, July’s new business figures came well before mortgage rates took their historic dive in August. Since then, applications (for refinancings at least) have been swelling.

In June Freddie purchased $26 billion in loans. Through the first seven months of the year the GSE has bought almost $200 billion of product from lenders coast to coast.

Its mortgage investment portfolio totaled $683 billion at July 31, a 6% decline over 12 months.

The GSE reported that delinquencies crept up a tick to 3.51% at month’s end but are below the year ago reading of 3.89%.

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