Although the monthly volume of government-sponsored enterprise refinances moved higher, the same can’t be said of government-supported refinances.
Primary lenders refinanced 198,503 home loans that are owned or managed by Fannie Mae and Freddie Mac during June.
The findings are based on a Mortgage Daily analysis of data released Thursday by the two companies’ regulator, the Federal Housing Finance Agency.
Volume climbed
from the previous month, when previously reported GSE refinances totaled 193,189.
The increase was more dramatic compared to the same month last year, when a downwardly revised 119,891 Fannie and Freddie loans were refinanced.
Refinances of Fannie mortgages accounted for 106,290 of the latest total,
up less than a percent from May.
But refinances of Freddie loans climbed a more robust five percent to 92,213 in June 2015.
However, even though overall GSE refinance activity accelerated, mortgages refinanced through the Home Affordable Refinance Program were down both on a month-over-month and year-over-year basis.
HARP activity during June 2015 totaled 9,426 transactions, declining from 10,419 a month earlier and 17,787 a year earlier.
Since HARP went live in April 2009, there have been 3,333,654 loans refinanced — including 1,970,534 Fannie mortgages and 1,363,120 Freddie loans.
