Refinances of government-sponsored enterprise home loans fell to the lowest level in seven months, while government-supported refinances sank to an all-time low.
During February of this year there were 116,640 Fannie Mae and Freddie Mac mortgages that were refinanced by primary loan originators.
In addition to falling from 123,170 the previous month, GSE refinance volume was the lowest it’s been since July 2017, when the total was 109,199.
In February 2017, refinance production was 157,921.
Fannie’s and Freddie’s regulator and conservator, the Federal Housing Finance Agency, reported the data.
The latest production consisted of 77,403 Fannie Mae loans and 39,237 Freddie Mac mortgages.
FHFA reported that loans refinanced through the Home Affordable Refinance Program during February 2018 numbered 1,292
— the slowest month on record since the program started in April 2009.
There have been 3,486,875 HARP transactions during the life of the program.
HARP expires at the end of this year.
