Freddie Mac's Total Portfolio Ticked up in June

Freddie Mac reported today that its total mortgage portfolio increased at an annualized rate of 0.5 percent in June. The portfolio balance at the end of the period was $1.945 trillion compared to $1.944 trillion at the end of May and $2.012 trillion in June 2012.  (Hereinafter, parenthetical values are negative).

Purchases and Issuances totaled $48.39 billion, Sales ($1.43) billion and Liquidations ($46.31) billion. The annualized growth rate thus far in 2013 is (1.1 percent) and the liquidations rate is 28.8 percent.

Single-family refinance-loan purchase and guarantee volume was $33.4 billion, representing 69 percent of total mortgage portfolio purchases or issuances. Relief refinance mortgages comprised approximately 30 percent of the total refinance volume in June based on unpaid principal balance.

The Mortgage Related Investments Portfolio had an ending balance of $521.78 Billion, an increase of 7.6 percent or approximately $3.3 billion from May. The annualized growth rate for the portfolio is (12.8) percent. Freddie Mac had purchases of $26.34 billion for the month and $98.15 for the year to date. Liquidations in June were ($10.37) billion and Sales were ($12.67) billion and for the year to date ($62.72) billion and ($71.18) billion respectively.

The composition of the Mortgage Related portfolio was $186.20 billion in PCs, REMICs and Other Structured Securities, down from $175.22 in May. Mortgage Loans equaled $201.72 billion compared to $206.22 billion the previous month. Non-Agency, non-Freddie Mac Mortgage-Related Securities $20.14 billion, down from $20,14 billion, and Agency non-Freddie Mac Mortgage related securities, $114.71 billion compared to $116.91 a month earlier.

Mortgage related securities and other guarantee commitments increased at an annualized rate of 5.6 percent in June compared to 2.2 percent in May. The annualized growth rate year-to-date is 2.9 percent.

Freddie Mac's single family delinquency rate dropped from 2.85 percent in May to 2.79 percent in June. In June 2012 the rate was 3.45. The June rate for non-credit enhanced loans was 2.31 percent and for credit enhanced, 6.12 percent. The multi-family delinquency rate was 0.09 percent, one basis point below the May rate.