Despite an uptick in refinance activity at Freddie Mac, monthly conventional refinance originations declined to the slowest pace in at least three years.
Refinances of residential loans that are owned or guaranteed by either Fannie Mae or Freddie totaled 138,329 during January, the Federal Housing Finance Agency reported.
It was the lowest level of refinance activity since at least 2010, the oldest date that monthly data is available for government-sponsored enterprise refinances.
Refinances totaled 150,868 in December 2013 and 469,937 in January 2013.
Fannie refinances tumbled to 83,194 in the latest month from 96,152 in December.
However, Freddie refinances rose to 55,135 in January from the previous month’s 54,716.
Loans closed through the Home Affordable Refinance Program totaled 29,974 during January — the lowest volume since December 2011, when just 26,446 HARP transactions closed.
HARP was expanded in October 2011, and the enhanced program became known as HARP 2.0.
HARP production was 30,021 in final month of last year and 97,587 in the first month of last year.
Since HARP was launched in April 2009, there have been 3,087,933 refinances closed through the program — including more than 1.8 million Fannie loans and nearly 1.3 million Freddie loans.
Primary residences secured 2.6 million of life-to-date HARP transactions, while second homes secured 0.1 million and investment properties secured 0.4 million.
