Freddie Mac generated $2.94 billion in net income in the second quarter, up 41% from the first quarter and 20% year-over-year. Like its larger government sponsored enterprise cousin Fannie Mae, Freddie Mac’s second quarter was boosted by rising home prices.

Executives on Wednesday said home prices rose 2.4% through the second quarter and are forecast to inch up another 0.8% by year’s end. As such, Freddie freed up $537 million it had in loss reserves, contributing to its larger profit over the prior quarter.

“The second quarter saw single-family home prices stabilize, details ⇒

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