Freddie Mac purchased $42 billion of mortgages from its seller/servicers in March, its strongest acquisition month since the refinancing boom of late 2010.
Nearly $35 billion (83%) of its March purchases were for single-family refinancings.
Mortgage bankers familiar with the GSE said March was the second full month that Freddie benefited from stronger ties to Bank of America, which ended its relationship with Fannie Mae in late January over buyback disputes. (B of A will only sell certain HARP loans to Fannie.)
But the strong refi numbers also suggest that the GSE is continuing to make its living off of refinancings, while credit remains tight for homebuyers that use the FHA for purchase money loans.
In 2011, Freddie bought $320 billion of single-family loans with 78% of that amount refinancings.
Freddie also reported Wednesday that it issued $42.4 billion of MBS in March, up from $40.1 billion the prior month.
The serious delinquency rate on Freddie’s single-family mortgage portfolio edged up during the winter but is on the decline again. The percentage of loans 90 days or more past due fell eight basis points in February and March to 3.51%, the lowest reading since September.
Fannie Mae likely will release its monthly numbers in the next few days.
