The monthly number of government-sponsored enterprise mortgages refinanced turned sharply higher even as government-supported refinances fell to a new low.
In October, primary mortgage originators refinanced 142,687 single-family loans that are backed or owned by
Fannie Mae and Freddie Mac.
That was a significant increase from the 128,738 GSE loans refinanced during the previous month and the most refinances since March 2017, when there were 143,455.
Fannie’s and Freddie’s regulator and conservator, the Federal Housing Finance Agency, reported the data Thursday.
The elevated activity is likely to show up in the fourth-quarter earnings reports of mortgage originators.
Still, GSE refinances fell far short of the 243,537 in October 2016.
The most-recent volume consisted of 83,949 Fannie Mae loans and 58,738 Freddie Mac mortgages.
October 2017’s refinances processed through the Home Affordable Refinance Program came to 2,184 —
the fewest of any month since HARP was launched in April 2009.
There have been 3,479,901 HARP transactions completed during the life of the program.
