Freddie Mac Loan Delinquencies at Three and a Half Year Low

Loan delinquencies at Freddie Mac were at a three and a half year low in February and have fallen in eleven out of the last thirteen months to the agency’s recently released Monthly Volume Summary.

The delinquency rate for single-family homes in Freddie Mac’s loan portfolio fell from 3.20 percent in January to 3.15 percent in February. Last year at this time, the delinquency rate for single-family homes was 3.57 percent and is at its lowest level since August of 2009.

Delinquency rates for multi-family dwellings in February also declined, falling to 0.16 percent from 0.18 percent in January. The delinquency rate in February of last year was 0.21 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 6,686 loan modifications in February, a decline of 9.8 percent from the 7,416 loan modifications completed in January. In 2012, Freddie Mac completed a total of 69,581 loan modifications for an average of 5,798 per month.

Freddie Mac’s total mortgage portfolio decreased at an annualized rate of 4.1 percent from January to February as their total holdings fell from $1.948 trillion to $1.942 trillion.

Single-family refinance-loan purchase and guarantee volume was $35.1 billion in February, reflecting 82 percent of total mortgage purchases and issuances. That was up from $34.5 billion in January, an increase of 1.7 percent.

Total refinance-loan purchase and guarantee volume was $42.9 billion, down slightly from a revised $43.1 billion in January.

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

Source:
Freddie Mac

Reported by Jeff Alan