The government sponsored enterprise reported Wednesday morning that its loan purchases fell to the lowest level since July 2011.
Refinancings comprised just 58% of loan purchases in October, down from 72% in May when the GSE purchased $42 billion in loans from its seller/servicers.
In its third quarter earnings release, Freddie reported that its loan purchases are helping more buyers finance a home.
The secondary market agency acquired $34 billion in home purchase mortgages in 3Q13, up from $30 billion in the second quarter and $20 billion in the first quarter.
The October report also shows that the serious delinquency rate on Freddie’s single-family guaranty portfolio continued to decline.
The percentage of loans that are 90 days or more past due fell to 2.48% in October, down 10 basis points from the month prior. A year ago, Freddie had a 3.3% serious delinquency rate.