Monthly refinances of Fannie Mae and Freddie Mac residential loans retreated after soaring to the highest level since 2013.
Loan originators refinanced 193,189 mortgages backed or owned by the government-controlled housing enterprises during the month of May.
The volume of GSE refinances was a disappointment compared to April, a month that saw a downwardly revised 225,270 refinances — the most since September 2013.
The statistics were released by the companies’ regulator, the Federal Housing Finance Agency.
But the latest activity stood well above the 107,320
Fannie and Freddie loans that were refinanced in May 2014.
The refinance of Washington-based Fannie
loans accounted for 106,651 of May 2015’s production, fewer than the 132,088 loans refinanced a month earlier.
Refinances of McLean, Virginia-based Freddie’s loans slowed to 87,538 transactions from 93,182 during April.
Total May activity included 10,419 mortgages refinanced through the Home Affordable Refinance Program.
HARP volume slipped from 11,716 the previous month and tumbled from 16,565 one year previous.
The most-recent HARP activity included 6,212 Fannie loans and 4,207 Freddie loans.
