""Freddie Mac's"":http://www.freddiemac.com/ mortgage book of business contracted at an annualized rate of 6.4 percent in October, marking the fourth consecutive month of declines. The book has registered declines in seven of the first 10 months of this year, according to ""Freddie Mac's monthly volume summary."":http://www.freddiemac.com/investors/volsum/pdf/1013mvs.pdf[IMAGE]
October's pace of decline was the highest rate so far this year and is up from a 4.3 percent annualized rate reported for September.
Freddie Mac's total mortgage portfolio is valued at about $1.9 trillion.[COLUMN_BREAK]
New business at the GSE is also down over the month, marking the fourth consecutive month of declining new business at the GSE. Freddie Mac's purchases and issuances in October totaled about $22 billion. New business added in September was about $28 billion.
Totaling $12 billion, single-family refinance-loan purchases and guarantees made up 58 percent of the GSE's total single-family portfolio purchases or issuances in October.
Forty-two percent of that comprised relief refinance mortgages (based on unpaid principal balance).
While ""Fannie Mae"":http://www.themreport.com/articles/fannie-maes-book-of-business-increases-in-october-2013-12-05 reported a declining serious delinquency rate among both single-family and multifamily mortgages in October, Freddie Mac recorded a decrease for single-family mortgages but a slight increase for its multifamily business.
The delinquency rate for single-family mortgages at Freddie Mac in October was 2.48 percent, down from 2.58 percent in September.
The serious delinquency rate for multifamily loans increased from 0.05 percent to 0.06 percent.
Freddie Mac completed 7,902 loan modifications in October, bringing the year-to-date total to 68,333.