While monthly conventional agency refinances were off 7 percent, the volume of refinances processed through the Home Affordable Refinance Program was down by nearly a quarter thanks to a more than one-third drop at the Federal Home Loan Mortgage Corp.
Fannie Mae and Freddie Mac guaranteed or acquired 356,091 refinance transactions during July. Activity fell from June, when 382,539 conventional agency refinances were completed. But more refinances were originated than in July 2011, when the number was 168,186.
Fannie’s refinance volume in July was 244,634 transactions, more than the 234,337 loans refinanced in June. But transactions at Freddie sank to 111,457 from 148,202.
The statistics were outlined in the July 2012 Refinance Report from the Federal Housing Finance Agency, which is currently in control of both government-sponsored enterprises.
The pair of secondary lenders has generated 2,525,853 refinances so far this year.
Refinances processed under the HARP amounted to 96,370 transactions, tumbling from 125,866 in June and bringing the program-to-date volume to 1,541,190.
While Fannie’s HARP production was down 11 percent in July, Freddie’s plummeted by 35 percent from June.
HARP mortgages with loan-to-value ratios in excess of 125 percent accounted for 26,651 refinances in July, while 23,281 loans had LTV ratios more than 105 percent and up to 125 percent and the rest had LTV ratios that didn’t exceed 105 percent.
HARP share of total refinance volume during July in Nevada was 69 percent — higher than any other state.
Florida’s HARP share was 60 percent, followed by Arizona’s 57 percent, Michigan’s 52 percent and half in Georgia.
