Freddie Mac's Q3 Earnings Boost Net Worth To $56 Billion

Freddie Mac reported a net income of $3.1 billion for the third quarter of 2024, up from $2.8 billion in the second quarter and an increase of $0.4 billion year over year. The government-sponsored enterprise (GSE) posted a net revenue of $5.8 billion, down slightly from the second quarter’s $6 billion, but an increase of 3% on an annual basis – primarily driven by higher net interest income.

"Freddie Mac delivered another strong quarter, earning net income of $3.1 billion and increasing the company’s net worth to $56 billion,” Freddie Mac CEO Diana Reid said in a statement. “The company helped 415,000 families buy, refinance or rent a home, including 110,000 first time homebuyers. We expanded support for renters, including by establishing a new grace period for rent payments. We also are providing relief to homeowners and resources for renters affected by recent Hurricanes. As Freddie Mac's new chief executive officer, I am privileged to lead a great team delivering results like these, which make home possible for millions of families across the nation."

The company posted new business activity of $98 billion, up from $85 billion in the third quarter of 2023, as both home purchase and refinance volume increased due to lower mortgage interest rates.

Freddie’s mortgage portfolio totals $3.1 trillion, up 2% year over year. Seriously delinquent loans rose from the second quarter’s rate of 0.5% to 0.54%, down slightly year over year. 

The GSE financed 284,000 mortgages in the third quarter, with 51% of eligible loans affordable to low- to moderate-income families. First-time homebuyers represented 51% of new single-family home purchase loans in its portfolio.