Freddie Mac reported a 24% jump in refinancings from September to October while total loan volume rose by less than 4%.
The secondary market agency released its monthly activity report Wednesday that shows refinancing volumes jumped to $24.1 billion in October from $19.5 billion in the prior month.
Overall, Freddie purchased $33.4 billion in single-family loans in October and 72% were refinancings.
In September, Freddie purchased $32.4 billion in loans from lenders and only 60% were refinancings.
The GSE issued $28.7 billion in mortgage-backed securities in October -- up 8% from the previous month.
Meanwhile, Freddie's single-family delinquency rate rose for the second consecutive month.
The serious delinquency rate (90 days or more past due) ticked up three basis points to 3.54% in September. In August, Freddie's serious delinquency rate was 3.49%.
