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Fannie Refis Skyrocket

Fannie Refis Skyrocket$77 billion in refinance volume during March

April 3, 2009

By MortgageDaily.com staff

After nearly tripling in February, refinances nearly doubled in March at Fannie Mae.The Washington, D.C.-based company reported today that March refinance volume was $77 billion.

Refinance business was nearly double the $41 billion reported for February — when activity at the secondary lender was nearly “three times the refinancing volume” as in January.

Fannie executive Tom Lund predicted in the report that refinances will increase as a result of the Home Affordable Refinance program. So far, 500,000 borrowers have inquired online about their eligibility for the program. In addition, 80,000 borrowers have called a special telephone hotline.

Refinances accounted for 79 percent of all applications tracked in the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 27.

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