Despite the surge in refinancing activity, Freddie Mac said its purchases of refinanced loans declined slightly in July.

In its new monthly activity report, the secondary market agency said it bought $18.1 billion of refinanced loans in July, 5% fewer than in June.

Freddie issued $26.6 billion of mortgage-backed securities in July, down 9% from the previous month. In July 2009, the GSE issued $43 billion of MBS.

The monthly report also showed that the serious delinquency rate on its guaranteed single-family mortgages fell once again, remaining below 4% for the second consecutive month.

Freddie said 3.89% of its single-family loans were 90 days or more past due in July, down 7 basis points from June.

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