Refinances of mortgages backed by the government-sponsored enterprises plummeted to the lowest level during the past 12 months.
For the entire month of February 2017, there were 157,921 Fannie Mae and Freddie Mac residential loans that were refinanced.
That turned out to be the lowest volume for GSE
refinances since February of last year, when production came to a downwardly revised 130,075.
The figures were based on data reported by the two companies’ regulator and conservator, the Federal Housing Finance Agency.
In January 2017, there were 208,700 GSE mortgages refinanced.
The latest month’s volume consisted of 94,685 Fannie Mae loans and 63,236 Freddie Mac loans.
February 2017’s activity included 4,198 mortgages refinanced through the Home Affordable Refinance Program. HARP volume tumbled from 4,553 a month earlier ad 6,424 a year earlier.
HARP production since the program went live in April 2009 amounted to 3,456,422 refinances.
