Despite a modest bump in monthly refinances at the Federal Home Loan Mortgage Corp., a tumble in transactions at the Federal National Mortgage Association drove production to an all-time low.
Primary home lenders refinanced 104,863 Fannie Mae and Freddie Mac loans during April, according to a report from the two firms’ regulator and conservator, the Federal Housing Finance Agency.
Based on the oldest available historical data maintained by Mortgage Daily from FHFA back to May 2011, the latest activity represented the slowest month on record for GSE refinances.
In contrast, as many as 573,152 GSE loans were refinanced in November 2012.
FHFA was created from the
The Housing and Economic Recovery Act of 2008, which was passed in the midst of the 2008 financial crisis.
GSE refinances totaled
116,193 in March 2018 and 117,957 in April 2017.
Refinances of Fannie Mae mortgages came to 60,758 in April 2018, tumbling from 73,005 the preceding month. Freddie Mac refinances, however,
inched up to 44,105 from 43,188 in March.
Loans refinanced through the Home Affordable Refinance Program,
which expires at the end of this year, fell to a record low of 1,017 from 1,290 a month earlier and 3,493 a year earlier.
Since HARP went live in April 2009, there have been 3,489,182 mortgages refinanced through the program.
