Freddie Mac Mortgage Portfolio Jumps by 8.0 Percent in March

Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 8.0 percent in March, growing from 3.0 percent the previous month.  The portfolio balance at the end of the period was $2.204 trillion compared to $2.190 trillion at the end of February and $2.102 trillion a year earlier.  

Purchases and Issuances totaled $37.311 billion and Sales were ($3.048) billion. The February numbers were $24,566 billion and ($424.0) million respectively.  The 8.0 percent annualized growth rate for March was considerably higher than the March 2018 rate of 3.5 percent.

Single-family refinance loan purchase and guarantee volume was $11.3 billion in March, representing 37 percent of total single-family mortgage portfolio purchases and issuances.

Purchases in Freddie Mac's Mortgage Related Investments Portfolio totaled $23.641 billion for the month compared to $19.072 billion in February. Liquidations were ($1.963) billion and ($8.840) billion for March and February respectively and Sales for the two periods were ($21.877) billion and ($17.012) billion.  The ending balance in the portfolio was $218.940 billion, down $200 million from February.  The annualized growth rate was (1.1) percent compared to (27.8) percent a year earlier.

The ending balance of the Mortgage Related Investments Portfolio was composed of $122.365 billion in Mortgage Related Securities, Mortgage Loans valued at $90.462 billion, Non-Agency, non-Freddie Mac Mortgage-Related Securities at $2.272 billion; and Agency non-Freddie Mac Mortgage related securities of $3. billion. Mortgage related securities and other guarantee commitments increased at an annualized rate of 9.3 percent compared to 2.7 percent in February. 

Freddie Mac's single-family delinquency rate dipped down 2 basis points to 67. In March 2018 the rate was 0.97 percent. The rate for credit-enhanced Primary Mortgage Insurance loans declined by 3 basis points to 82 basis points and the non-credit enhanced rate fell from 0.84 percent to 0.82 percent.  After 11 straight months at 0.1 percent the multi-family delinquency rate jumped to 0.03 percent.  The rate in March 2018 was 0.02 percent.