Reflecting the rate-driven industry slowdown, the growth of Fannie Mae's mortgage purchases and issuance of mortgage securities slowed last month.

Fannie's portfolio grew 18.3% in July, to $480.7 billion. That was slower than the 22.3% growth rate in June, the company said. The portfolio has grown 27% this year.

The secondary marketing giant bought $14 billion of mortgages in July, down from $15.9 billion the previous month. It committed itself to buy another $12.7 billion, down from $19.2 billion of net commitments in June.

Fannie issued $23.8 billion of mortgage-backed securities in July, down from $24.9 billion in June. Its total of mortgage-backed securities outstanding grew 11.8%, to $920.4 billion.

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