Freddie Mac Sees Modest Portfolio Growth, Slight Delinquency Uptick In Cautious November Market

Freddie Mac’s November data show very modest mortgage portfolio growth and a small but noticeable uptick in single‑family delinquencies, reflecting a cautious late‑year housing and credit environment. The underlying trends point to subdued expansion, stabilizing rates, and slightly higher credit risk rather than any sharp deterioration.​

Key November takeaways

• The total mortgage portfolio grew at an annualized rate of about 0.9% in November, down sharply from roughly 4.2% in October, signaling slower balance‑sheet expansion.​

• Single‑family refinance purchase and guarantee volume was around 12.7 billion dollars and made up roughly 36% of total single‑family mortgage activity, indicating a still‑meaningful but not dominant refi share.​

• Freddie Mac’s mortgage‑related investments’ unpaid principal balance increased by about 1.8 billion dollars, showing continued but moderate portfolio additions.​

Delinquency trends

• The single‑family delinquency rate ticked up from about 0.56% in October to 0.58% in November, a small increase that still leaves overall credit performance relatively strong by historical standards.​

• Multifamily serious delinquencies were essentially flat around 0.48% in November, suggesting stable performance in that segment despite broader market caution.​

• Market commentary describes this as a “slight” delinquency uptick rather than a sign of systemic stress, consistent with only a few basis points of movement.​

Market context and sentiment

• The November figures come amid a cautious housing and mortgage market, with slower portfolio growth reflecting softer origination volumes and tighter credit conditions late in the year.​

• Broader industry coverage notes that existing‑home sales have only edged higher and that investors remain focused on interest‑rate paths and economic data, reinforcing a guarded tone.​

• Equity‑market reaction to the November volume release was mildly negative, aligning with the message of modest growth and slightly higher credit risk rather than a bullish inflection.​

What this implies

• For lenders and servicers, the data underscore a need to focus on credit monitoring and loss‑mitigation readiness even though delinquency levels remain low in absolute terms.​

• For investors in mortgage‑related assets, modest portfolio expansion plus a small delinquency rise suggests a more conservative risk‑return profile, with outcomes hinging on 2026 rate movements and labor‑market stability.​

• For borrowers, the environment points to slightly tighter underwriting but no broad credit crunch, as Freddie Mac continues to support mortgage liquidity while managing risk carefully.​