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Fannie Drives GSE Refinances to 8-Month Low

Mortgage News

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.

Primary mortgage originators refinanced 116,193 Fannie Mae and Freddie Mac single-family loans during March — the fewest since 109,199 loans were refinanced in July 2017.

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.

GSE refinances numbered 116,640 in February 2018 and 143,455 in March 2017.

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.

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