Mortgage giant Freddie Mac posted a slight increase in completed loan modifications from October to November but that was more than enough to surpass last years totals according to the agency’s recently released Monthly Volume Summary.
Freddie Mac completed a total of 8,124 loan modifications in November, up 2.8 percent from the 7,902 loan modifications completed in October. So far this year, Freddie Mac has completed a total of 76,457 loan modifications for an average of 6,951 per month. 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 continued to improve in November, falling from 2.48 percent in October to 2.38 percent in November. Last year at this time, the delinquency rate for single-family homes was 3.25 percent and is at its lowest level since April of 2009.
Delinquency rates for multi-family dwellings moved slightly lower in November, falling from 0.06 percent in October to 0.05 percent in November. The delinquency rate in November of last year was 0.24 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 decreased at an annualized rate of 2.0 percent from October to November as their total holdings fell from $1.917 trillion to $1.914 trillion.
Single-family refinance-loan purchase and guarantee volume was $11.0 billion in November, reflecting 53 percent of total mortgage purchases and issuances. That was down from $12.0 billion in October, a decrease of 8.3 percent. Mortgages that were refinanced for the purpose of homeowner relief captured about 40 percent of the total refinance volume, down from 42 percent the previous month.
Total refinance-loan purchase and guarantee volume was $22.6 billion, up 0.09 percent from $22.4 billion in October.
Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications
Reported by Jeff Alan