Freddie Mac's Portfolio Continues to Grow

Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 5.3 percent in June, a bit slower than the 7.5 percent from the previous month.  The portfolio balance at the end of the period was $2.239 trillion compared to $2.230 trillion at the end of May and $2.128 trillion a year earlier.  

Purchases and Issuances totaled $44.458 billion and Sales were ($2.770) billion. The May numbers were $46.082 billion and ($4.436) billion respectively.  The annualized growth rate for the year-to-date is 5.3 percent.

Single-family refinance loan purchase and guarantee volume was $12.7 billion in April, down from $13.3 billion in May and representing a slight downturn in the share of total single-family mortgage portfolio purchases and issuances from 37 percent in May to 36 percent in June.   

Purchases in Freddie Mac's Mortgage Relatd Investments Portfolio totaled $33.418 billion for the month compared to $29.097 billion in May. Liquidations were ($2.874) billion and (($2.831) billion for June and May respectively and Sales for the two periods were ($27,513) and ($26,797) billion. The ending balance in the portfolio was $218.986 billion, up $3.0 billion from May.  The annualized growth rate was 16.8 percent compared to 28.4 percent a year earlier.

The ending balance of the Mortgage Related Investments Portfolio was composed of $122.155 billion in Mortgage Related Securities, Mortgage Loans valued at $89.902 billion, Non-Agency, non-Freddie Mac Mortgage-Related Securities at $2.002 billion; and Agency non-Freddie Mac Mortgage related securities of $4.927 billion. Mortgage related securities and other guarantee commitments increased at an annualized rate of 4.1 percent compared to 8.5 percent the previous month.   

Freddie Mac's single-family delinquency rate was unchanged at 0.63 percent in June. In June 2018 the rate was 0.82 percent.  The rate for credit-enhanced Primary Mortgage Insurance loans declined by 1bp to 0.76 percent and the non-credit portion was unchanged at 0.76 percent.  The multi-family delinquency rate was 0.03 percent for the fourth straight month compared to 0.01 percent in June 2018.