Although the Federal Home Loan Mortgage Corp. pushed up the quarterly volume of residential purchase-money loans it financed, a drop in refinance activity more than offset the gain.

For the period that started on April 1, 2017, and ended on June 30, pre-tax income at Freddie Mac came to $2.5 billion. Earnings improved compared to 1.5 billion a year earlier.

The McLean, Virginia-based organization covered its latest earnings, as well as other financial and operational results, in its second-quarter 2017 earnings report released on Tuesday.

Source: Mortgage Daily