Freddie Mac delinquencies increase for first time since February
Freddie Mac's 90-plus day delinquency rate increased for the first time since February, according to the government sponsored enterprise's monthly summary. The delinquency rate for single-family residences was 3.82% in October, up from 3.8% in September. The delinquency rate for multifamily properties also increased, up to 0.44% in October from 0.35%; however, this is the second consecutive monthly increase in delinquencies on this type of property. One year ago, the delinquency rate for single-family residences backed by Freddie Mac was 3.65% and 0.18% for multifamily properties. That constitutes a 4.6% yearly increase in single-family delinquencies from 2009 and a 144.4% yearly increase in multifamily delinquencies. The 2007 vintage accounts for the most delinquencies, as 0.64% of these loans are between 60- and 90-days delinquent and 0.95% are more than 90-days delinquent. A total of 12,763 loans originated in 2007 are delinquent on Freddie Mac's books. Freddie Mac's most recent weekly mortgage rate survey indicated the rate for a 30-year fixed-mortgage rate increased for the first time in two months, up to 4.39%. Write to Christine Ricciardi.