The monthly number of government-sponsored enterprise mortgages refinanced tumbled to a two-year low. Government-supported refinances plunged to an all-time low.
During July, 109,199 loans that are either guaranteed or owned by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corp. were refinanced.
That was the slowest month since May 2014, when primary home lenders refinanced 107,320 Fannie Mae and Freddie Mac single-family loans.
The latest production data was reported Thursday by the two secondary mortgage lenders’ regulator and conservator, the Federal Housing Finance Agency.
But despite plunging refinance production, the Mortgage Bankers Association this month raised its second-half 2017 refinance forecast by $33 billion.
In June of this year, 121,871 GSE mortgages were refinanced, while the number was an upwardly revised 170,326 in July of last year.
The latest monthly total was comprised of 69,623 Fannie refinances and 39,576 Freddie refinances.
Loans refinanced through the Home Affordable Refinance Program accounted for 2,305 of July 2017 production — less than during any month since HARP went live in April 2009 based on data maintained by Mortgage Daily.
Life-to-date HARP production came to 3,473,109 transactions.
