Fannie Mae's mortgage purchases fell 7% in August after a slight uptick in July, but commitments to purchase new mortgages from lenders fell to the lowest level in two years.
Fannie reported Tuesday that it acquired $68.3 billion in mortgages in August, down from $73.4 billion in the prior month.
Commitments to purchase new mortgages dropped 18% from July to $51 billion in August—most likely due to lower refinance activity. It marks the second monthly
Meanwhile, the serious delinquency rate on Fannie's guaranteed single-family portfolio fell nine basis points from July to 2.61 in August.
A year ago, 3.44% of Fannie's single-family loans were 30 days or more past due or in the foreclosure process.
