Freddie Mac purchased $38.9 billion of home mortgages from its seller/servicers in February, a slight gain from January, according to figures released Friday morning.

Compared to the same month a year ago, purchases rose 33%. Fannie Mae is expected to release its monthly numbers shortly.

So far, 2011 is not shaping up to be the best year for originations or home purchases, but mortgage rates are near historical lows and have been falling slightly the past few weeks.

Meanwhile, Freddie reported more good news in regard to its delinquencies. Late payments on its single-family product fell to 3.78% from 3.82% the prior month. A year ago the rate was at 4.2%.

Its retained portfolio grew slightly to $696 billion, but is down 5% compared to February 2010.

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