Mac's Freddie quarter joining our Good call performance. morning, and you review thank for to third
The XX% worth We the of primary refinance half, rent again, and we company low XXX,XXX earned $X.X of loans than third quarter, or another were solid delivered quarter. Once $XX helped affordable billion and and increased moderate home We eligible the refinance more home. in income families. to purchase our billion. financed purchase, XX%, purchases and homebuyers, net supported families a first-time to
we of On similarly the XX% side, affordable. multifamily rental the financed were units eligible
to policy for a both a Mac-backed Beyond our homeowners. properties sustainable make lease in published and we multifamily loan. make to work efforts Freddie standards August, with In requiring renters it minimum framework new we affordable, home
available period Beginning XX-day by rent recent standards a in we for them. affected homeowners lease of September, notice to reminded of require February expiration. XX-day hurricanes rent immediate a increases X-day XXXX, a notice grace payments, a options relief the for and And the in
late to or include months These penalties. program, forbearance a offers for Freddie Mac's fee XX relief which without incurring mortgage up
strike. as recover and renters them well prepare disasters and natural We apartment also they buildings plan to and provide as after respond help dedicated for resources to
are homeowners continue all mortgage and renters able homes. in Mac investors their security when and benefit Freddie to alongside living communities families
Now let's the at look in results take detail. more a
This decline noninterest net billion increase quarter expense. and the a driven was or $XXX of million $X.X an in XX% revenues income an in net was our increase increase of year-over-year. primarily Our for by
by interest and Third quarter X% X% an were portfolio debt and net related which accounting net higher increased This billion, $XXX hedge net for Primary year-over-year. primarily $XXX continued higher or increase the million increase revenues of expense income, lower were $X.X income interest to relationships or driven mortgage drivers year-over-year. was million growth.
portfolio $XXX year-over-year net ended year. the $X.X quarter million prior due mortgage X% total offset and in partially quarter gains investment trillion. by to income, at noninterest Our income the grew the lower increase was interest lower The primarily versus in
a reserve release mortgage and multifamily credit reserve $XXX this single-family in losses as of benefit estimation release a XXXX, The losses was process. credit the house single-family reserve result improvements interest we million lower primarily in to of third enhancements credit in release for a driven rates driven benefit due in quarter, in was by credit In the credit $XXX to by had credit due a for prices. quarter which million, loss of
$XXX an $X.X Noninterest as quarter for at expense trial. prior million for of billion expense year was $XXX accrual judgment lower a period included adverse by this million the
or reported $XXX and income net the family billion noninterest of net segments. up income for lower our to Turning Single expense. the higher interest XX% quarter, individual year quarter, million, by driven business $X.X primarily prior from
to up $X.X benefited which X% income driven relationships. lower accounting portfolio, and income net Single-family from interest of was debt on higher investment billion related our year-over-year, by hedge primarily expense
larger decline of million, to recoveries decrease enhancement on the for included $XXX $XXX year $XXX losses an credit quarter billion, and was prior in allocation the the prior the in for loans. from $X credit covered or expense year down million trial million the a due accrual as at for adverse Noninterest quarter quarter judgment expected XX% a
reserve was result million, which release $XX for rates. $XXX had benefit credit of of mortgage single-family In benefit by release the was a lower quarter home driven in prices. to we year credit this as a prior primarily a quarter, by primarily losses Our a improvements million, due interest reserve driven credit
on the Home year, months. and prices increase will prices past the assumes average subsequent X.X% months over forecast X.X% XX remain flat next our home over by the increased and XX over
The XX single-family the credit at points XX ratio quarter basis allowance earlier. slightly basis down losses the was year for coverage end of points, a from
from the the lowest and mortgage years the increased and due home interest at basis picked experienced and quarter up as over quarter end mortgage rates. end activity both last points The $XX or fell lower XXX business to basis XX-year rate up year of XX $XX to purchase in the the refinance second New billion, to volume XX%, quarter than lower third of billion the we was earlier. down X have a points quarter, the X.XX% last interest from
$XX of billion activity volume up total made purchase Home our this quarter. new XX% of business
purchase new fee home on estimated The charged points XX% quarter, guarantee was loans. this represented points X homebuyers XX business First-time last up average rate new quarter. single-family basis basis of from
trillion. our our portfolio loan-to-value had year-over-year Our XX% some and at ratio the single-family to increased credit average remained weighted the weighted the form At single-family of end of strong, quarter, portfolio score single-family XX% current XXX. mortgage enhancement. Credit of characteristics the portfolio at average current $X.X of credit X% with
through points basis in the The quarter. pre-COVID basis The at from points below X SDQ the approximately their rate workouts. points XX XXXX. to of of the points of remains low In third X the basis increased homes families points serious helped basis historical end delinquency quarter, this we loan the rate XX,XXX XX remain last saw we that rate XX in quarter single-family basis
million driven multifamily. an net credit expense million, the increase increase current XX% quarter to and $XXX The lower in of was noninterest the reported or from same compared $XXX of year losses This year. segment by on for quarter. benefit prior income Moving a quarter to the last primarily
credit due primarily credit by was quarter, loss we process. release year credit $XX The quarter $XX had a coverage XX by estimation of basis losses primarily XX of prior from million points, allowance of In loan a the the credit a was ratio for basis credit driven reserve down benefit was provision overall for The multifamily in end enhancements losses this for performance. year at in quarter this points the earlier. which losses million, driven deterioration to
Noninterest trial. The expense at was $XXX included million, $XX down or prior million allocation quarter $XX adverse for XX% year the the million of accrual year-over-year. judgment an for
mortgage We financing demand this interest quarter. have rates seen for slight pickup multifamily a as declined in
$XX business the the third $XX versus $XX for quarter, volume the Our was same for multifamily new year-to-date activity last year. to billion billion billion bringing period
for quarter, rental current multifamily of XX% to XX% the provided financed area low-income affordable of rental earning the multifamily with less eligible median units, XXX,XXX or financing In income. the units we families,
to increased X% covered credit $XXX XX% enhancements. billion, of portfolio by Our which was multifamily mortgage year-over-year
in loans enhancement loans, are XX delinquent increase X small The primarily period. that quarter, floating last up multifamily was basis rate their at loans have the delinquent balance point September quarter points delinquency floating rate rate end by was credit XX and up basis of in XXXX. driven of end from increase from XX% points the basis the coverage. including This an of these
increase our worth increased representing year-over-year. On net to XX% the front, a billion, capital $XX
mission. In fulfilling conclusion, fully focused let its Mac on say me Freddie is that
financial our best our We serving strong and when are important delivering at results mission.
affordable providing housing helping devastating to impacted sustainable and by support of We who recent homeowners financing, continue have providing the been assistance and all inequality home access lenders by sizes, and issues to nation addressing of to support hurricanes. the
Thank you joining us for today.
