Refi Share of Freddie's Volume Held Steady Last Month

Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 12.0 percent in November compared to a 15.7 percent gain in October. The portfolio balance at the end of the period was $3.211 trillion compared to $3.179 trillion the prior month and $2.734 trillion a year earlier. Purchases and Issuances plummeted to $94.635 billion from $109.333 billion the prior month and Sales were ($503) billion compared to ($855) billion.

Single-family refinance loan purchase and guarantee volume was $52.7 billion in November compared to $59.1 billion in October, representing a 60 percent share of total single-family mortgage portfolio purchases and issuances, unchanged from October.

Purchases in Freddie Mac's Mortgage Related Investments Portfolio totaled $58.028 billion for the month compared to $65.307 billion during the prior period. Liquidations were ($1.109) billion and ($1.262) billion for November and October, respectively and Sales for the two periods were ($63.350) and ($65.278) billion. The ending balance in the portfolio was $106.110 billion, compared to $112.541 billion in October and $192.951 billion in November 2020. The annualized growth of the Mortgage Related Investments portfolio was (68.6) percent compared to 13.0 percent in October and 9,3 percent a year earlier

The $106.110 billion ending balance of the Mortgage Related Investments Portfolio composed of $43.138 billion in Agency Securities, Mortgage Loans valued at $61.820 billion, and Non-Agency Securities at $1.152 billion. Mortgage related securities and other guarantee commitments increased at an annualized rate of 12.7 percent in November compared to 16.4 percent in October.

Freddie Mac's single-family delinquency rate decreased from 1.32 percent in October to 1.24 percent in November. It was at 2.75 percent in November 2020. The multi-family delinquency rate was down 1 basis point to 0.09 percent.   

Freddie Mac said the mea1sure of its exposure to changes in portfolio value averaged $56 million in November compared to $51 million in October. Its maximum exposure to Fannie Mae-issued collateral included in Freddie Mac-issued resecurizations was approximately $108.8 billion.