Boosted by an increase in secondary market purchases and a decline in sales, Freddie Mac's [1] portfolio grew for the first time this year in July.
The mortgage giant reported [2] 0.1 percent annualized growth in its total mortgage portfolio last month—a turnaround after six straight months of declines. Year-to-date, the portfolio's annualized growth rate is -1.7 percent.
As of July 31, the portfolio's value was up still slightly under $1.9 trillion.
Purchases and issuances totaled $25.4 billion throughout the month, up from June's $24.6 billion. July's increase was the second in as many months.
Activity was weak, however, compared to July 2013's recorded $42.3 billion in purchases and issuances.
Freddie's single-family refinance-loan purchase and guarantee volume was $9.2 billion in July, representing about 40 percent of total new single-family mortgage portfolio activity. Relief refinance mortgages accounted for 20 percent of the company's single-family refinance volume based on unpaid principal balance.
The company reported 6,727 loan modifications through the month, ratcheting the year-to-date total up to 41,982.