Freddie Mac Sees Modest Portfolio Growth, Slight Delinquency Uptick In Cautious November Market
Freddie Mac’s November volume data show steady but restrained portfolio growth and continued credit resilience as higher rates and slower origination activity weigh on the mortgage market
Freddie Mac reported modest portfolio growth and a slight uptick in delinquencies in its November 2025 Monthly Volume Summary, reflecting a housing finance market that remains cautious amid higher interest rates and subdued origination activity.
The company’s total mortgage portfolio increased at an annualized rate of 0.9% in November, ending the month at approximately $3.65 trillion in unpaid principal balance. Year-to-date, the portfolio has grown at a 2.2% annualized pace, underscoring relatively stable, but restrained, market conditions as both purchase and refinance demand remain uneven.
Single-family refinance activity accounted for a meaningful share of monthly volume, as Freddie Mac reported $12.7 billion in single-family refinance loan purchases and guarantees during November, representing 36% of total single-family mortgage portfolio purchases and issuances for the month. Overall single-family purchase and issuance volumes declined from October levels, consistent with broader seasonal slowdowns.
Freddie Mac’s mortgage-related investments portfolio expanded by approximately $1.8 billion in November, with the unpaid principal balance rising to $123.6 billion. Mortgage-related securities and other guarantees increased at an annualized rate of 2.2%, while portfolio liquidations moderated compared to prior months.
Credit performance showed slight softening but remained historically low. The single-family delinquency rate rose from 0.56% in October to 0.58% in November, while the multifamily delinquency rate held steady at 0.48%. Both metrics remain well below long-term averages, indicating continued borrower resilience despite affordability pressures.
From a risk management perspective, Freddie Mac reported average portfolio value sensitivity to interest rates (PVS-L) of $836 million during November, with a duration gap averaging six months. The company continues to operate under federal conservatorship, with the Federal Housing Finance Agency overseeing portfolio limits and risk exposure.
Overall, the November data point to a mortgage market marked by incremental growth, disciplined portfolio management, and stable credit quality as Freddie Mac navigates a higher-rate environment.