Freddie Mac acquired $39 billion of mortgages from its seller/servicers in September, a 5% decline from the month prior, according to new figures released by the agency.
Roughly 75% of its secondary market purchases were refinancings. Refis totaled $29.2 billion in both September and August. In August, refinancings comprised 71% of loan purchases.
The higher percentage of refis signals that demand for HARP refis remains strong while underwriting standards continue to turn homebuyers away.
At the end of September, the serious delinquency rate on Freddie’s single-family mortgage portfolio was 3.37%, an increase of one basis point, but it marks the first increase in late payments since December 2011.
