Although the volume of mortgages insured by the government last month slowed, the portfolio of government-insured home loans continued to grow.
The Federal Housing Administration endorsed 116,398 mortgages for $20.944 billion during November, according to monthly operational data.
The total, which excluded the origination of home-equity conversion mortgages, was down from 126,877 home loans endorsed for $22.697 billion in October. A year earlier, volume totaled 88,206 mortgages originated for $15.6 billion.
November’s performance brought year-to-date endorsements to 1,213,549 loans for $222.2 billion. Volume during FHA’s fiscal year, which began on Oct. 1, 2012, totals 243,278 endorsements for $43.622 billion.
The most recent month included 5,292 condominium endorsements for $0.980 billion and 1,703 203(k) endorsements for $0.291 billion.
Refinances accounted for 51 percent of November endorsements, up from the previous month’s 48 percent share.
Adjustable-rate mortgages accounted for less than 1 percent of all November endorsements, not much different from the 1 percent share in October.
The report indicated that the Department of Veterans Affairs guaranteed 53,962 mortgage during October, growing from 45,807 loans in September and 37,925 loans in October 2011. VA mortgage volume during all of fiscal-year 2012 was 539,885 loans guaranteed.
As of the end of November, 7,748,709 single-family loans were FHA-insured for $1.0886 trillion. The total excluded HECMs. FHA’s book increased from 7,733,203 residential loans insured for $1.0867 trillion as of the end of October.
At the same point in 2011, government mortgage insurance in force was 7,376,641 loans for $1.0304 trillion.
Single-family delinquency of at least 90 days was unchanged from Oct. 31 at 9.49 percent. But delinquency has deteriorated from 9.34 percent in November 2011.
Multifamily endorsements were 187 transactions for $2.181 billion in December. The prior month saw 201 mortgages endorsed for $1.9874 billion.
FHA said its multifamily portfolio was 12,991 loans for $85.283 billion at the end of November, off from 13,088 loans insured for $85.7 billion as of Oct. 31. The latest outstanding data reflected financing on 1.3 million rental units.
