Freddie Mac reported this week that its total mortgage portfolio increased
at an annualized rate of 17.7 percent in February compared to a 16.1 percent
gain in January. The portfolio balance at the end of the period was $2.818
trillion compared to $2.777 trillion the prior month and $2.350 trillion a year
Purchases and Issuances totaled $116.362 billion, and Sales were ($1.174)
billion. The January numbers were $120.128
billion and ($.588) billion, respectively.
Single-family refinance loan purchase and guarantee volume was $85.0 billion
in February compared to $84.56 billion in January, representing a 77 percent
share of total single-family mortgage portfolio purchases and issuances, up
from 73 percent the previous month.
Purchases in Freddie Mac’s Mortgage Related Investments Portfolio totaled $89.841
billion for the month compared to $92.263 billion during the prior period.
Liquidations were ($1.447) billion and ($1.650) billion for February and January,
respectively and Sales for the two periods were ($95.755) and ($100.425)
billion. The ending balance in the portfolio was $165.012 billion, compared to
$172.372 billion in January and $202.195 billion in February 2020.
The Mortgage Related Investments portfolio declined to 51.2 percent compared
to a decrease of 64.6 a month earlier. The annualized growth in February 2020
was negligible at 0.1 percent.
The ending balance of the Mortgage Related Investments Portfolio was
composed of $58.441 billion in Mortgage Related Securities, Mortgage Loans
valued at $101.561 billion, Non-Agency, non-Freddie Mac Mortgage-Related
Securities at $1.389 billion; and Agency non-Freddie Mac Mortgage related
securities of $3.621 billion. Mortgage related securities and other guarantee
commitments increased at an annualized rate of 21.3 percent in February
compared to 17.8 percent in January.
Freddie Mac’s single-family delinquency rate decreased from 2.56 percent
in January to 2.52 percent in February. The multi-family delinquency
rate declined 2 basis points to 0.14 percent.
Freddie Mac said the measure of its exposure to changes in portfolio value
averaged $103 million in February compared to $17 million in January. Maximum
exposure to Fannie Mae-issued collateral that was included in Freddie
Mac-issued resecuritizations was approximately $91.5 billion, up from $89.7
billion in January.