|After nearly tripling in February, refinances nearly doubled in March at Fannie Mae.
The Washington, D.C.-based company reported today that March refinance volume was $77 billion.
Refinance business was nearly double the $41 billion reported for February -- when activity at the secondary lender was nearly "three times the refinancing volume" as in January.
Fannie executive Tom Lund predicted in the report that refinances will increase as a result of the Home Affordable Refinance program. So far, 500,000 borrowers have inquired online about their eligibility for the program. In addition, 80,000 borrowers have called a special telephone hotline.
Refinances accounted for 79 percent of all applications tracked in the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending March 27.