Fewer monthly refinances of Freddie Mac loans had overall government-sponsored refinances slower. Still, activity hasn’t let up much since it began accelerating last summer. Government-subsidized refinances skidded to the lowest level since at least 2010.
Loan originators refinanced 134,582 loans during November that were either owned or managed by Freddie and its secondary cousin Fannie Mae.
The metrics were reported by the Federal Housing Finance Agency.
Although volume slipped from 138,908 GSE refinances in October — a month when activity accelerated to the highest level of the year — it remains elevated compare to June 2014, when monthly refinances began ascending.
In November 2013, there were 163,546 refinances completed.
Refinances of Washington-based Fannie loans increased to 83,046 in November from 82,605 a month earlier.
But Freddie more than offset Fannie’s gain, with the McLean, Va.-based firm slowing its transactions to 51,536 from 56,303 in October.
Combined, 12,492 Fannie and Freddie mortgages were refinanced through the Home Affordable Refinance Program during November 2014.
Mortgage Daily maintains historical HARP data back to January 2011, and monthly volume through program has never been this slow during the entire period.
HARP production was
13,745 in October and 38,732 in November 2013.
