Mortgage purchases by Freddie Mac fell nearly 13% in July compared to June but the share of refinancings remained steady at 69%.
The government sponsored enterprise reported Wednesday evening that it purchased $42.3 billion in single-family and multifamily loans in July, down from $48.4 billion in June.
Loan purchases have been bobbing up and down for the past few months and Freddie’s loan acquisitions haven’t exceeded $50 billion since March. And the recent drop in mortgage applications indicates Freddie could see lower volumes going forward. The Mortgage Bankers Association reported Wednesday that the refinancing share of applications dropped to 60% during the week of August 23.
Freddie Mac issued $39.7 billion in Participation Certificates in June, down from $49.4 in the prior month.
The GSE also reported that the serious delinquency rate on its single-family guaranty portfolio continues to fall at a good clip.
The percentage of loans that are 90 days or more past due fell to 2.7% in July, down 9 basis points from June. A year ago, Freddie had a 3.42% serious delinquency rate.