The number of loan modifications completed by Freddie Mac in March remained at about the same levels as in February but was still twelve percent higher than last year’s monthly average according to the agency’s recently released Monthly Volume Summary.
Freddie Mac completed a total of 6,511 loan modifications in March, a decline of 2.6 percent from the 6,686 loan modifications completed in February. In 2012, Freddie Mac completed a total of 69,581 loan modifications for an average of 5,798 per month.
The delinquency rate for single-family homes in Freddie Mac’s loan portfolio fell from 3.15 percent in February to 3.03 percent in March. Last year at this time, the delinquency rate for single-family homes was 3.51 percent and is at its lowest level since July of 2009.
Delinquency rates for multi-family dwellings in March remained unchanged from February at 0.16 percent. The delinquency rate in March of last year was 0.23 percent.
Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end while multifamily delinquencies are based on the unpaid principal balance of mortgages 60 days or more delinquent or in foreclosure as of period end.
Freddie Mac’s total mortgage portfolio increased at an annualized rate of 4.0 percent from February to March as their total holdings climbed from $1.942 trillion to $1.948 trillion.
Single-family refinance-loan purchase and guarantee volume was $41.8 billion in March, reflecting 80 percent of total mortgage purchases and issuances. That was up from $35.1 billion in February, an increase of 19.1 percent.
Total refinance-loan purchase and guarantee volume was $52.0 billion, up 21.2 percent from $42.9 billion in February.
Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications
Reported by Jeff Alan