By Matt Grossman

The Federal Home Loan Mortgage Corp. on Friday posted greater revenue and income in the third quarter as the government-backed housing-finance company noted improving real-estate credit conditions.

Freddie Mac posted net income of $2.92 billion, a rise from $2.46 billion in last year's third quarter. Revenue was $5.25 billion, an increase from $5.07 billion a year ago.

Single-family revenue rose to $3.96 billion, from $3.42 billion in the year-ago quarter. Revenue from the multifamily business was $1.29 billion, down from $1.65 billion in 2020's third quarter.

Freddie Mac funded mortgages on about one million single-family homes in the quarter, more than 61% of which were refinancings. It also financed more than 161,000 rental units.

The single-family serious-delinquency rate continued to improve, falling to 1.46% from 1.86% in the second quarter and from 3.04% 12 months ago. Multifamily serious delinquencies were 0.12%, compared with 0.15% in the second quarter and 0.13% 12 months ago.

Write to Matt Grossman at matt.grossman@wsj.com