morning. release good in reserve business of million billion the $X.X and quarter, Michael, by year single-family prior of you, versus the a primarily income or credit driven this $XXX an net increase in year-over-year. was We our increase build quarter. Thank XX% credit earned This reserve
of Second quarter recognition resulting year-over-year. This due million $XXX mortgage prepayments a lower higher decline decline by $XX driven year-over-year, fee X% higher interest higher slight billion, year-over-year business. net slower $X.X driven and gains by million to deferred billion. revenues income, by offset investment driven revenues which by Primarily income guarantee XX% from decrease of up to was in rates. declined multifamily lower was The were in income net income our primarily noninterest partially $X.X
year growth forecasted a quarter expense economic XXXX, $XXX in conditions. credit the In An versus million provision losses for was quarter price in and losses improvement the credit appreciation $XXX portfolio forecast in second the by in benefit deterioration an million drove of driven observed quarter. the of prior for house and
this Our was total the $X.X a portfolio mortgage at X% year-over-year. trillion, increase end quarter of
by end to from prior income this basis primarily up basis $X.X fee points year-over-year. business the rates. individual single-family segment was down Mortgage our XXX at interest higher X% The net prepayments reported year lower from of due quarter income XX% mortgage of almost rates up quarter, interest Single-family and quarter. segments. the X.XX%, the for XX were deferred interest last billion of to as the quarter income $X.X recognition net year-over-year, slowed points billion driven Turning down
mortgage changes quarter. year primarily decline commitments. from by prior single-family income was the was and quarter, this $XXX This for driven down Noninterest spreads market $XX million million in
this million, single-family of and $XXX was price quarter observed benefit a losses driven Our provision credit improvements by primarily appreciation. in forecast house for
$XXX XXXX expense The the quarter, which at XX down conditions. next of driven continued XXXX. deterioration our delinquency credit prices quarter, we coverage of the from allowance basis over X.X% this In and increase portfolio months of XQ XX to a XX serious XX the subsequent and year was over forecast from the rate of the House economic primarily The prior XQ X.X% and basis million, year X decline forecasted basis an assumes points increased growth points months. in XX by basis single-family up points to ratio for second the quarter, provision was points losses had this quarter X.X% by end basis earlier. end a XX points, and at single-family from
the In in remain quarter, helped through XX,XXX we their homes workouts. loan approximately second families
population Our delinquent loan workouts as declined. the have loan has continued seriously to decline
at credit a quarter, at portfolio some to $X trillion enhancement. weighted quarter. current XXX. end of loan-to-value XX% characteristics weighted strong, average end the X% portfolio our of Our current single-family At increased this single-family XX% at credit year-over-year and had Credit of the single-family the ratio mortgage our form average the of remain of with portfolio score
of or quarter quarter, of New the an activity versus first billion $XX last business increase XX% up and billion XXXX $XX versus picked totaled quarter. this
However, declined activity mortgage increased activity substantially interest due XX%, business rates. to $XX year-over-year, refinance new declined or as billion
activity quarter The up charged to new XQ in made new average volume purchase XX% was of our guarantee total this compared on XX% quarter. business business basis points fee Home this XXXX. rate XX
partially year higher driven million prior $XXX quarter. investment This losses and period. Moving income of primarily year-over-year, guarantee on million by from offset by was provision income to this the which higher $XXX higher was $XXX gains. $XXX up multifamily. was The for or Noninterest segment income driven a by reported million, income, net increase million credit noninterest higher
increases. result agreements. increased on assets interest fair index to primarily to Net assets increased income smaller due risk our interest lock due activities primarily Guarantee value lower fair rate to value investment from and gains a guarantee guarantee specific of as gains management rate losses
deterioration a quarter The at delinquent XX XX% of delinquency year points points end conditions ratio forecasted this X and coverage. performance. current of build basis quarter for The delinquent the allowance the XX credit last in rate losses $XXX these up our of credit of enhancement points, by this points market driven housing basis was in multifamily June portfolio. the primarily was the provision basis earlier. seniors multifamily The a XX million, from reserve basis coverage change end basis loans losses an and XX was credit in due end quarter, credit driven multifamily loans in increase This up at have for points from was to at multifamily quarter loan XXXX. by
a from Our quarter, $XX billion multifamily multifamily higher demand reduced new year rates as financing. second XX% was have interest for for down ago the mortgage activity business
mortgage credit enhancements. portfolio to by by $XXX X% billion, increased covered of year-over-year XX% multifamily Our was which
net the year-over-year. $XX On XX% back representing our the With a turn capital increase that, to increased quarter billion at I'll over the front, Michael. end worth to it of
