Freddie Mac Delinquencies Decline, Loan Volume Remains Steady

March 28, 2012 (Jeff Alan)

The delinquency rate for single-family homes in Freddie Mac’s portfolio fell for the first time in six months, dipping to 3.57 percent in February from 3.59 percent in January according to the recently released Monthly Volume Summary.

In February of last year, the delinquency rate was 3.78 percent. It was the first time since last August that the delinquency has declined.

Delinquency rates for multi-family dwellings in February remained unchanged from January at 0.21 percent, the sixth consecutive month that the delinquency rate has declined or remained unchanged from the previous month. The delinquency rate in February of last year was 0.36 percent.

Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end while multifamily delinquencies are based on the unpaid principal balance of mortgages 60 days or more delinquent or in foreclosure as of period end.

Freddie Mac completed a total of 4,644 loan modifications in February, a decline of 1.7 percent over the 4,725 loan modifications completed in January and 49.0 percent below their 2011 monthly average of 9,098 loan modifications.

Freddie Mac’s total mortgage portfolio decreased at an annualized rate of 3.3 percent from January to February as their total holdings decreased from $2.067 trillion to $2.061 trillion.

Single-family refinance-loan purchase and guarantee volume was $28.2 billion in February, reflecting 75 percent of total mortgage purchases and issuances. That was up slightly from $28.0 billion in January.

Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications

Source:
Freddie Mac