A slump in monthly refinances of loans backed by the Federal National Mortgage Association more than offset an increase at its secondary rival — driving refinances to an eight-month low.
The statistics were based on an analysis of quarterly refinance data reported by the regulator and conservator of the two government-sponsored enterprises, the Federal Housing Finance Agency.
Although refinances of Freddie-backed mortgages climbed 10 percent from February to 43,188, Fannie’s refinances fell 6 percent to 73,005 in March.
Mortgages refinanced through the Home Affordable Refinance Program numbered 1,290 during the latest month — the fewest since HARP went live in April 2009. HARP volume was 1,292 a month earlier and 4,674 a year earlier.
Since the start of the Obama-era program, there have been 3,488,165 loans refinanced through HARP.