Freddie Mac reported a rebound in lending activity in May after a significant drop in April.The secondary market agency reported Tuesday that it purchased $30.7 billion in residential mortgages from lenders in May, up 19% from April.

In March, Freddie purchased $42 billion in mortgages—the most since December 2010. But purchase activity plummeted 38% from March to $25.6 billion in April.

Refinancings comprised 72% of Freddie’s mortgages purchases in May, compared to 74% in April.

Freddie also reported Tuesday that it issued $28.9 billion in MBS, down from $32 billion in April.

The serious delinquency rate on Freddie’s single-family mortgage portfolio edged down 1 basis point to 3.5% in May.

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