Business Slows at Freddie Mac

""Freddie Mac's"":http://www.freddiemac.com/ total mortgage portfolio expanded in April, but growth slowed as purchase and issuance activity declined from March, the GSE reported.

According to Freddie Mac's monthly volume summary, its total portfolio grew at an annualized rate of 0.6 percent last month, a setback compared to March's 4.0 percent growth rate but still above January and February's contracting figures.

The secondary market giant reported about $42.3 billion in purchases and issuances, down from $52.0 billion the prior month.

As of the end of the month, the portfolio's ending balance was about $1.95 trillion.

The portfolio mortgage-related securities and other guarantees expanded at an annualized rate of 4.1 percent, a little less than half of March's growth rate (8.9 percent).

Single-family refinance loan purchase and guarantee volume was $35.8 billion in April, representing 76 percent of total mortgage portfolio purchases or issuances. Relief refinance mortgages comprised approximately 33 percent of total refinance volume based on unpaid principal balance.

The single-family seriously delinquent rate dropped to 2.91 percent in April, a major step down from 3.03 percent in March. The multifamily delinquency rate was down to 0.09 percent.

Freddie Mac reported 6,068 loan modifications in April. Year-to-date, the company has recorded 26,681 modifications.