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.

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