Freddie Mac said Friday that its investment portfolio declined by an annual rate of 4% last month, reflecting the government-sponsored enterprise's repurchase this year of nearly all mortgages 120 days or more past due.

At the end of May, Freddie's total mortgage portfolio — which includes loans it guarantees along with other mortgages and mortgage-related securities held on its books — stood at $2.22 trillion, down from $2.23 trillion at the end of April.

The aggregate unpaid principal balance of loans in mortgage-related securities it holds fell by $9.2 billion, or an annual rate of 14.5%, to $748 billion.

Meanwhile, the delinquency rate on single-family mortgages Freddie guarantees was unchanged from the previous month at 4.06%.

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