Monthly refinances of government-sponsored enterprise mortgages increased, though the government-supported refinance program is barely active.
Data from the Federal Housing Finance Agency indicate that 121,871 Fannie Mae and Freddie Mac single-family
loans were refinanced during June.
GSE refinance volume ticked up from the preceding month, when there were 116,882 Fannie and Freddie mortgages were refinanced by retail lenders.
It was the second month in a row that refinances were higher.
But refinances of the two secondary lenders’ mortgages fell way short of the downwardly revised 177,089 loans that were refinanced
in June 2016.
June 2017’s volume consisted of 76,683 Fannie Mae mortgages and 45,188 Freddie Mac loans.
FHFA
reported that 2,923 GSE mortgages were refinance through the Home Affordable Refinance Program during the most-recent month — the fewest for any month on record based on data maintained by Mortgage Daily back to April 2009.
HARP production was
3,291 in May 2017 and 5,872 in June 2016.
FHFA historical data indicate that there have been 3,470,804 HARP transactions since the inception of the program.
FHFA Thursday extended HARP until December 2018.
