The number of conventional agency refinances closed in July was higher than during the same month last year. But transactions closed through the Home Affordable Refinance Program sank compare to a year earlier.
Fannie Mae and Freddie Mac refinances completed in July totaled 360,121 transactions, falling from the previous month’s 400,783.
However, activity inched up from the same month in 2012, when 356,091 Fannie and Freddie refinances were completed.
The findings were reported by the Federal Housing Finance Agency in its Refinance Report July 2013. FHFA regulates and is the conservator for Fannie and Freddie.
Fannie refinances accounted for 232,175 of the latest total, off from 238,304 in June.
At Freddie, refinances dropped to 127,946 from 162,479.
Year-to-date July 31, the pair of government-controlled enterprises have had 3,037,883 refinances.
July’s refinance production included 79,261 HARP transactions, down from 88,375 a month earlier.
Volume has tumbled from year earlier, when 96,370 HARP deals were done.
Refinances with loan-to-value ratios of more than 80 percent and up to 105 percent accounted for 50,154 of July’s HARP activity.
Another 15,671 HARP refinances had LTV ratios of more than 105 percent and up to 125 percent, while 13,436 HARP refinances had LTV ratios in excess of 125 percent.
HARP volume amounted to 2,818,535 refinance since the inception of the program in April 2009.
