Refinances of Federal Home Loan Mortgage Corp. loans drove overall government-sponsored enterprise volume to the highest level in three years.
There were
255,329
Federal National Mortgage Association and Freddie Mac residential loans that were refinanced during November 2016.
The last time monthly that GSE production has been this high was in August 2013, when the total worked out to a downwardly revised 302,370.
Production data was reported by Fannie Mae’s and Freddie’s regulator and conservator, the Federal Housing Finance Agency.
According to FHFA, GSE refinance production was 243,537
during October 2016, while the total was 146,664 in November 2015.
Refinances of Fannie Mae mortgages
crept up 1 percent from the prior month to 153,446 loans in November 2016.
But on
Freddie Mac loans, refinances jumped 11 percent from October to 101,883.
There was also a month-over-month acceleration of activity for the Home Affordable Refinance Program.
According to the regulator, HARP production climbed to 4,530 during November 2016 from 3,986 transactions the previous month.
But HARP business has subsided substantially from 7,446 refinances in November 2015.
Since the inception of HARP in April 2009, there have been 3,442,967 GSE mortgages refinanced through the program.
