Freddie Mac Portfolio Up 2.3 Percent in September

Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 2.3 percent in September.  The portfolio balance at the end of the period was $2.151 trillion compared to $2.147 trillion at the end of August and $2.057 trillion a year earlier.  

Purchases and Issuances totaled $31.296 billion, bringing the 2018 year-to-date total to $286.6 billion, Sales were ($1.474) billion and Liquidations ($25.739) billion in September and totaled ($16.916) and ($215.003) billion respectively so far this year.  The annualized growth rate for 2018 through the end of September was 3.4 percent and the annualized liquidations rate was (13.7) percent. 

Single-family refinance-loan purchase and guarantee volume was $6.5 billion in September compared to $6.9 billion the prior month. The refinance share of total single-family mortgage portfolio purchases or issuances was 27 percent, up from 23 percent in August.   

The Mortgage Related Investments Portfolio had an ending balance of $227.804 billion, a decrease of $6.7 billion in the aggregate unpaid principal balance compared to August. The annualized growth rate for the year to date as of September was (13.5) percent.  Freddie Mac had purchases of $27.607 billion for the month and $212.057 billion thus far in 2018.  Liquidations were ($2.907) billion and Sales were ($27.607) billion and, for the year thus far, ($26.368) billion and ($211.340) billion respectively. 

The ending balance of the Mortgage Related Investments Portfolio was composed of $121.636 billion in Mortgage Related Securities, Mortgage Loans valued at $96.505 billion, Non-Agency, non-Freddie Mac Mortgage-Related Securities at $5.268 billion; and Agency non-Freddie Mac Mortgage related securities of $4.395 billion. Mortgage related securities and other guarantee commitments increased at an annualized rate of 5.0 percent in September.

Freddie Mac's single-family delinquency rate was unchanged from August at 0.73 percent and was down 13 basis points from the rate the previous September.  The rate for credit-enhanced Primary Mortgage Insurance loans declined by 1 basis point month-over-month and the non-credit enhanced rate increased by 2 basis points to .89 percent and 0.88 percent respectively. The multi-family delinquency rate was 0.01 percent, unchanged from the prior five months.  The rate in September 2017 was 0.03 percent.