Good for and review year morning, you Freddie Mac's XXXX to and our call thank joining results. Fourth Full Quarter financial
were the of financed more home in the past year. our of put For we refinance X.X marked more XXXX percentage develop the Mac we risks That in that achieved the than solid all company, buy, those and primary deliver homebuyers. ago. Freddie the a to goals than continued progress. is who these Freddie manage center workforce, rent of at purchases talented since strong mission first-time and year financial homebuyers Mac XXXX, And mission-oriented highest residents million We home helping XX% XXX,XXX while the started do, X nearly results. families first-time decades housing or continuing a purchased a statistic of its tracking of
credit interest XX% from higher year. net revenues the year billion resulted a a income XXXX. year a driven was primarily a billion, $XX.X from the than prior at by an short-term the $XX.X income increase, net full Full of were X% of take These reserve Full slightly interest net XX% in net XXXX of interest which single-family detail. offset investments, the income as year prices release as lower improvement increase increase business, from lower increases primarily by reported those comprehensive result year-over-year income. rates. higher of look we income in of driven let's in billion, noninterest $XX.X This increase net last Now year was results in prior in were income year by house billion, morning, more an of $XX.X and an interest
income The to included income, interest as was was by Noninterest declined higher a primarily rates. net spread-related offset net lower guarantee conditions. did market recur prior interest commitments housing provision in $X.X year-over-year. improvement by XX% billion by gains investments, increase for by year-over-year partially mortgage year. which prepayments decrease credit as on fee billion, down year deferred This due slowed in that not X% period single-family a income provision An was an million driven income credit in the XXXX, In driven in prior the $XXX in year pipeline house XXXX. prices losses deterioration to $X.X securitization drove was of for hedge in the this versus losses the benefit
previously $XXX XXXX higher as losses losses judgment. reported credit to a our expense increase grew XX% also noninterest decline a enhancement of of in decrease primarily on expense net repurchases on transactions, combined was related litigation billion recoveries due an million driven CRT with higher enhancement to in an to expected STACR noninterest cumulative credit well adverse includes as covered volume note of our credit $X.X a due Our increase million accrual expense expense. to net $X.X $XXX in credit by loans. in our expense The year-over-year enhancement or outstanding billion, a
X% multifamily year-over-year at single-family to $X.X X% of mortgage our increase portfolio driven a Our trillion portfolio the total by portfolio. end mortgage XXXX, our X% a increase grew mortgage in and in
in by in reserve and of reported an higher driven net We revenues a XXXX. from interest increase XX% the revenues an primarily the of release of results. XX% XXXX income. $X.X of quarter fourth billion, $X.X increase fourth driven quarter increase increase and our to net The totaled fourth net Turning year-over-year, business. by income income an was billion, single-family in the credit both for quarter income Net noninterest
billion interest for income an net and This quarter. driven which volume of from year interest in up X% sales. our of rates in quarter loan an This interest investment quarter. income quarter was interest Fourth of from driven prior gains, single-family higher multifamily fourth increase year from was rates. the short-term was investments, prior from benefited $X.X a benefited higher by and the primarily Noninterest XXX% the held-for-sale net which income, $XXX increase was million, decline income primarily by higher higher net in quarter the guarantee
$XXX for credit reserve was to a quarter million losses credit benefit improvement due was by driven in single-family last release business prices. and in primarily an our house Our
for due reserve year loans. million prices. prior deterioration $XXX the billion, up was expected the quarter we driven In on X% was primarily a credit to that a $XXX year-over-year, of losses provision recoveries, million quarter, a decrease decline expense in enhancement driven in house a had fourth or credit by which by covered $X.X Noninterest was in credit
by in expense in credit from actual individual an reported slowdown was primarily to a market house was billion, a was X.X% Turning house housing by XXXX, the deterioration by and $X a appreciation. credit we of driven in provision prior price In XXXX. to primarily XXXX segments. a of House business increased $X.X an XXXX. in full compared conditions in X.X% driven which release Single-family improvement prices. prices year for billion, in billion, increase benefit had $X.X of our billion losses or driven year. The $X.X income net reserve XX% This
XX months, will XXXX X.X% in months house XX a of by X.X% over decline by over subsequent current and December next a the prices the Our grow XX assumed assumes forecast subsequent X% months, our forecast next decline XX in X% the followed the months. whereas of
period pipeline single-family net recur higher rates, net of income included billion, investments, prepayments. deferred increased that did basis income on ratio earlier. spread-related year benefiting primarily decline by year which single-family end was offset of lower year-over-year decline by the primarily by by declined partially Full X% or the at billion as of income, year-over-year, the million, prior down basis coverage fee noninterest interest of credit points higher the from a XX losses hedge year of XXXX. mortgage securitization from was billion a for $XX.X driven partially interest slower not net to by gains by This in from $XXX $X.X driven interest allowance This income commitments single-family million XXXX. higher was decline offset $XX.X year The XX X% lower $XXX revenues points, driven
mortgage primary business survey, December Mac's volume for the activity liquidation $XXX due Freddie X.XX%, to accounted XX% The XX-year Full of rates. to year. of from billion, or end XXXX activity versus Home activity mortgage According XXXX $XXX billion higher X.X% $XXX single-family X.XX% our both market XX, XX.X% rates down billion purchase on mortgage at on our declined to rate for the interest were XXXX. XXXX. for mortgage new as refinance purchase portfolio new total business for the of up year from declined and was XXXX for XX%
basis The average rate first-time earlier, our of loans. characteristics loan-to-value homebuyers average an credit points noted XX and XXXX. on fee average of with XX% new purchase guarantee of charged single-family of remains credit a I from score represented new new home up strong was weighted basis As business The XX% business XXX. estimated X points, ratio
the Our of trillion $X single-family portfolio to at X% mortgage XXXX. end year-over-year increased more than
credit with score remain the and characteristics Our single-family ratio weighted strong, XXX. credit at portfolio XX% at current average loan-to-value weighted current average the
Our The the rate as XX points XX is points historically points single-family the XX, at pre-COVID serious delinquency basis declined XXXX. serious remains rate of low rate from delinquency XXXX. and XX basis basis basis X of of to XX single-family year-end points points end down at XXXX, basis December from down
approximately families year, workouts. the in homes remain helped their through loan During XX,XXX we
credit have loan year, the Our decline of delinquent workouts line At with some the form of loan seriously portfolio population. enhancement. in of to single-family end decline the our the had XX% continued in
credit losses for on guarantee multifamily deterioration rates. overall interest result assets year and value as was revenues business XXXX was was increase $X heightened up loan increased increased in lower uncertainty forecasted increase year-over-year increased from noninterest noninterest an XX% of which by multifamily. driven income, higher driven build driven primarily of of reported increase $X.X fair and This primarily income losses an year-over-year. as to reserve The lower prior the net XX% in of medium-term driven from as well Moving credit performance. by by primarily billion income. net full year conditions The year, economic market a provision primarily to XXXX. X% million, billion, billion, Full $X.X for $XXX million by $XXX The
of a business in decrease origination was Multifamily demand overall activity financing. billion. XXXX for below the year was FHFA multifamily market for of from billion, XX% multifamily activity reduced the cap The slowdown higher new $XX and as the driven business the by new rates in decline full $XX the
at has FHFA to XX% reduced XXXX, $XX For activity affordable support of to the cap least with billion the mission-driven housing.
of an at the mortgage This was XX of multifamily of end senior these housing loans basis enhancements. covered increase points X% and at was was from XX% multifamily basis primarily loans the points have $XXX The year, of billion, delinquent year-over-year. end coverage, at driven by our the credit portfolio credit by delinquency XX% small an XXXX balance of reducing exposure. increase the the rate Our end portfolio delinquent XX up credit increase of XXXX. portfolios. our mortgage enhancement loan multifamily At year-end, in risk was in
at increase increased Our to a worth net representing the XX% end the XXXX. year, $XX.X of from billion
solid for XXXX, Mac financial Freddie made possible while conclusion, delivering million home families X than in results. more In
we safe continue and ahead, sound. while mission will Looking serve remaining our to
