Refinances of government-sponsored enterprise home loans climbed to the highest level during any month so far this year.
Mortgage loan originators refinanced a total of 138,510 Fannie Mae and Freddie Mac residential loans during the month of September.
In addition to exceeding the 131,075 GSE refinances completed a month earlier — volume was higher than in any other month this year.
The findings were based on an analysis of current and historical data provided by the regulator and conservator of Fannie and Freddie, the Federal Housing Finance Agency.
Still, activity was way off from September 2013 — when Fannie and Freddie refinances totaled 235,647.
Fannie Mae loans accounted for 79,393 of the latest month’s refinances, while Freddie Mac loans made up another 59,117.
Even transactions completed through the Home Affordable Refinance Program — which had been on a steady downward trend — moved higher.
HARP volume from both secondary lenders inched up to 14,399 from 14,066 in August.
But, as was the case with overall activity, HARP production slid from 55,960 refinances in September 2013.
Since the inception of HARP in April 2009, there have been 3,233.061 refinances completed through the program.
