Freddie Mac purchased $21.7 billion of mortgages from its seller/servicers in July, its worst acquisition month of the year and only about half of what it bought in January.
Of course, July's new business figures came well before mortgage rates took their historic dive in August. Since then, applications (for refinancings at least) have been swelling.
In June Freddie purchased $26 billion in loans. Through the first seven months of the year the GSE has bought almost $200 billion of product from lenders coast to coast.
Its mortgage investment portfolio totaled $683 billion at July 31, a 6% decline over 12 months.
The GSE reported that delinquencies crept up a tick to 3.51% at month's end but are below the year ago reading of 3.89%.