Mortgage purchases by Freddie Mac rebounded in June but the share of refinancings dropped below 70% for the first time since December.
The government-sponsored enterprise reported Thursday that it purchased $48.4 billion in mortgages and mortgage securities in June, up from $42.4 billion in May, and slightly above April purchases, which totaled $47.3 billion.
Meanwhile, the share of refinancings slipped to 69% in June, down from 80% in March when the GSE purchased $52 billion in mortgages.
With the recent rise in mortgage rates, experts are predicting a big drop in refis, while the origination of purchase mortgages remains fairly steady.
Economists at the Mortgage Bankers Association see the share of refinancings falling to 51% of originations in the third quarter, down from a 75% share in the fourth quarter of 2012.
Freddie also reported that the serious delinquency rate on its single-family guaranty portfolio fell 6 basis points to 2.79% in June. In April, the percentage of loans that are 90 days or more past due fell below 3% for the first time since the summer of 2009.
Meanwhile,
