Freddie Mac reported a 17% jump in refinancing volume from July to August and another monthly decline in single-family delinquencies.

In its monthly activity report, the government-controlled secondary market agency said it purchased $21.2 billion of refinanced loans in August, "reflecting 73% of total mortgage purchases and issuances."

Freddie issued $28.5 billion of MBS in August, up from $26.6 billion in the prior month. In August 2009, the GSE issued $47.5 billion of MBS.

The monthly report also shows that the serious delinquency rate on Freddie's guaranteed single-family mortgage portfolio edged down for the third consecutive month.

Freddie said 3.83% of its single-family loans were 90 days or more past due in July, down 6 basis points from July. (The late payment figures lag by a month.) Back in January, 4.15% of its loans were considered seriously delinquent.

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