Freddie Mac's Mortgage Portfolio Up 3.8 Percent at Mid-Year

Freddie Mac reported today that its total mortgage portfolio increased at an annualized rate of 3.8 percent in June.  The portfolio balance at the end of the period was $2.130 trillion compared to $2.123 trillion at the end of May and $2.040 trillion at the end of June 2017.

Purchases and Issuances totaled $35,543 billion, bringing the 2018 year-to-date total to $183.170 billion, Sales were ($3.318) billion and Liquidations ($25.414) billion in June and totaled ($11.845) and ($138.785) billion respectively so far this year.  The annualized growth rate for 2018 through the end of June was 3.1 percent and the liquidations rate for the entire year was (13.2) percent. 

Single-family refinance-loan purchase and guarantee volume was $7.3 billion in June compared to $8.1 billion in May. The refinance share of total single-family mortgage portfolio purchases or issuances fell from 30 to 27 percent. 

The Mortgage Related Investments Portfolio had an ending balance of $236.391 billion, a decrease of $5.7 billion or (28.4%) in the aggregate unpaid principal balance compared to May. The annualized growth rate for the year to date as of June was (13.5) percent.  Freddie Mac had purchases of $25.603 billion for the month and $134.158 billion thus far in 2018.  Liquidations in June were ($3.343) billion and Sales were ($27.983) billion and, for the year, ($17.406) billion and ($134.158) billion respectively. 

The ending balance of the Mortgage Related Investments Portfolio was composed of $127.106 billion in Mortgage Related Securities, Mortgage Loans valued at $98.759 billion, Non-Agency, non-Freddie Mac Mortgage-Related Securities at $6.063 billion; and Agency non-Freddie Mac Mortgage related securities of $4.463 billion. Mortgage related securities and other guarantee commitments increased at an annualized rate of 7.1 percent in June.

Freddie Mac's single-family delinquency rate decreased from 0.87 percent in May to 0.82 percent in June and was down 3 basis points from the rate the previous June.  The rate for credit-enhanced Primary Mortgage Insurance loans declined by 9 basis points month-over-month and the non-credit enhanced rate was down 2 basis points to 1.04 percent and 0.96 percent respectively. The multi-family delinquency rate was 0.01 percent, unchanged from the prior two months and from June 2017.