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Business Ticks Up at Freddie Mac

Freddie Mac's mortgage business grew—albeit slowly—in December, capping the year with an overall negative growth rate.

According to the GSE's December volume summary, its total mortgage portfolio grew at an annualized rate of 0.4 percent for the month, bringing 2013's average rate to -2.6 percent.

The portfolio grew in four out of last year's 12 months and shrank in eight, including a streak of declines from July through November.

As of the end of the year, the portfolio was valued at approximately $1.91 trillion.

Total purchase and issuance volume grew in December to $25.4 trillion, its highest level since September.

Single-family refinance purchase and guarantee volume was $10.8 billion, representing 50 percent of total purchases or issuances. Relief refinance mortgages comprised about 29 percent of refinance volume.

Meanwhile, multifamily new business activity was $3.7 billion, bringing Freddie Mac's yearly total to $25.9 billion.

The single-family seriously delinquent rate was down to 2.39 percent, down from 2.43 percent, while the multifamily rate was up to 0.09 percent, its highest level since June.

Freddie Mac reported 6,731 loan modifications in December and 83,188 modifications for the whole year.

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