Monthly refinances of government-sponsored enterprise loans sank to the lowest level on recent record. Refinances of Federal Home Loan Mortgage Corp. loans suffered most.
primary mortgage originators refinanced 90,856 residential loans backed by the Federal National Mortgage Association and Freddie Mac.
Based on a Mortgage Daily analysis of the oldest available refinance data reported by the Federal Housing Finance Agency back to 2011, it was the fewest GSE refinances on record.
Fannie refinances were responsible for 56,444 of the latest total, 5,187 fewer than previously reported for a month earlier.
Refinances of Freddie’s loans numbered 34,412, sinking 7,705 from May.
June 2018 refinances processed for the Home Affordable Refinance Program dropped to 879 from 1,077 the preceding month and 2,923 a year previous.