A rise in Freddie Mac refinances just wasn’t enough to offset an even bigger monthly decline at Fannie Mae. Refinance volume would have slowed even more had it not been for an uptick in government-supported refinances.
June saw the refinancing of 400,783 Fannie and Freddie home loans.
Business between the two secondary lenders was lower than the 418,004 refinances in May.
The most recent month’s volume was determined based on the Refinance Report for May 2013 and for the second-quarter 2013, both from the Federal Housing Finance Agency.
There was a year-over-year improvement, with FHFA previously reporting that only 382,539 conventional agency refinances were completed in June 2012.
June 2013 activity reflected 238,304 Fannie transactions, diminishing from 264,093 the previous month.
But Freddie was responsible for 162,479 refinances, increasing volume from 153,911 in May.
Government-sponsored enterprise refinances closed through the Home Affordable Refinance Program accounted for 88,375 refinances in June, more than the 84,648 HARP transactions a month earlier.
But HARP business sank from a year earlier, when 125,866 loans were refinanced through the program.
June’s HARP production consisted of 53,850 mortgages with loan-to-value ratios of more than 80 percent and up to 105 percent, 19,096 refinances with LTV ratios of more than 105 percent but no more than 125 percent, and 15,429 transactions with LTV ratios in excess of 125 percent.
Since the inception of the program on April 1, 2009, there have been 2,739,274 HARP transactions completed.
