Freddie Mac's MBS issuance fell 5% in April following a 38% drop in March, according to a monthly activity report the GSE issued Wednesday morning.

The GSE said it issued $22.7 billion of MBS in April as its purchases of conventional refinanced loans fell to $16.2 billion from $19.4 billion in March.

Refinancings of single-family loans comprised 70% of the GSE's loan purchases from its seller/servicers in April.

At the height of the refinancing boom late last year, Freddie issued $45.8 billion of MBS in December while purchasing $40.7 billion in refinanced single-family loans that month.

Separately, Ginnie Mae reported that its approved issuers securitized $26.4 billion of single-family and multifamily loans in April, compared to $24.1 in March.

Ginnie Mae MBS are backed by low-downpayment Federal Housing Administration, Department of Veterans Affairs, and Rural Housing Services loans.

While Fannie Mae and Freddie are heavily dependent on refinancings for new business, FHA/VA/RHS loans support the purchase money business with a 50% to 60% share.

Meanwhile, Freddie's single-family delinquency rate continues to trend downward. The serious delinquency rate (90 days or more past due) fell to 3.57% in April, down 6 basis points from March. A year ago, the GSE had a 4.06% serious delinquency rate.

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