Freddie Mac has reported that its total mortgage portfolio, which includes guaranteed mortgage-backed securities as well as its retained loans, contracted by 2% in April after eight straight months of growth.Freddie Mac said its retained portfolio fell at an annualized rate of 7.8% in April, while issuance of participation certificates decreased at a 4.9% rate. Structured securitizations increased, however. Freddie Mac's duration gap, an interest-rate risk management measure, remained at zero in April, unchanged from March. The single-family delinquency rate declined slightly to 25 basis points. Freddie Mac can be found on the Web at http://www.freddiemac.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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