Freddie Mac mortgage refinance purchases rise 41%

Freddie Mac mortgage refinance purchases rise 41%

The volume of refinance loans bought by mortgage giant Freddie Mac swelled 41% in December from the previous month to $27.3 billion. In November, Freddie bought $19.3 billion of refinance loans, a 7% gain from October. Freddie’s total mortgage portfolio grew at an annualized rate of 5.7% in the month, while at the same time the aggregate unpaid principal balance of the mortgage-related investments portfolio slid to $755.3 billion, from $761.8bn at the end of November. Purchases and issuance totaled $44 billion in December, bringing the full-year 2009 total to $548.37 billion.

The delinquency rate in Freddie’s single-family portfolio grew 15 basis points to 3.87%, while the multifamily delinquency rate was virtually flat at 0.15% in December. A year earlier, the single-family portfolio was 1.72% delinquent, while the multifamily portfolio was 0.03% delinquent. Freddie’s guaranteed participation certificates and structured securities issued increased at an annualized rate of 5.9% in December. Issuance for the month included $4.4bn of guarantees under the Housing Finance Agencies (HFA) initiative, in which the Treasury Department bears initial losses on these securities up to 35% of the program-wide issuance.

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