Freddie Mac reported this week that its total mortgage portfolio increased
at an annualized rate of 22.4 percent in December compared to a 29.5 percent
gain in November. The portfolio balance at the end of the period was $2.740
trillion compared to $2.689 trillion the prior month and $2.301 trillion a year
earlier. The growth rate for 2020 was 17.6 percent, up from 6.8 percent for all
Purchases and Issuances totaled $129.639 billion and Sales were ($1.330)
billion. The November numbers were $155.291 billion and ($4.080) billion,
Single-family refinance loan purchase and guarantee volume was $77.6 billion
in December compared to $107.3 billion
in November, representing a 70 percent share of total single-family mortgage
portfolio purchases and issuances compared to 74 percent the previous month.
Purchases in Freddie Mac’s Mortgage Related Investments Portfolio totaled $111.509
billion for the month compared to $117.106 billion during the prior period.
Liquidations were ($1.924) billion and ($2.090) billion for December and November
respectively and Sales for the two periods were ($120.351) and ($113.522)
billion. The ending balance in the portfolio was $182.184 billion, compared to $192.951
billion in November and $212.673 billion in December 2019.
The Mortgage Related Investments portfolio declined 67.0 percent compared to
an increase of 9.4 percent a month earlier. The annualized growth in December 2019
was 48.7 percent. Growth for the year that ended in December 2020 was negative
at (14.3) percent.
The ending balance of the Mortgage Related Investments Portfolio was
composed of $67.091 billion in Mortgage Related Securities, Mortgage Loans
valued at $110.750 billion, Non-Agency, non-Freddie Mac Mortgage-Related
Securities at $1.414 billion; and Agency non-Freddie Mac Mortgage related
securities of $2.929 billion. Mortgage related securities and other guarantee
commitments increased at an annualized rate of 25.9 percent in December compared
to 27.2 percent in November.
Freddie Mac’s single-family delinquency
rate decreased from 2.75 percent in November to 2.64 percent in December. The
multi-family delinquency rate was unchanged at 0.16 percent.
Freddie Mac said the measure of its exposure to changes in portfolio value
averaged $72 million in December compared to $118 million in November. Maximum
exposure to Fannie Mae-issued collateral that was included in Freddie
Mac-issued resecuritizations was approximately $85.8 billion.