Freddie Mac completed 23,017 loan modifications during the first two months of 2011 and single-family delinquencies on mortgages held or backed by the GSE dropped in February.

Last year, Freddie Mac reported a growth in mortgage delinquencies., but according to HousingWire.com, government-sponsored enterprise’s latest monthly loan volume report showed 11,864 loan mods were completed in February and 11,153 in January. The delinquent rate of single-family mortgages fell to 3.78 percent in February, while the multifamily delinquency rate increased to 0.36 percent. Total mortgage-related securities and other guarantee commitments decreased at an annualized rate of 1.7 percent in February.

The GSE also reported that its single-family, refinance-loan purchase and guarantee volume hit $31.4 billion in February, representing 81 percent of total mortgage purchases and issuances. In comparison to January, the single-family refinance-loan purchase and guarantee volume was $32.4 billion or 83 percent of total loan volume.