Monthly refinances of government-sponsored enterprise single-family mortgages plummeted to the lowest volume in more than a year.
An analysis of Federal Housing Finance Agency data indicates that there were 143,456 Fannie Mae and Freddie Mac loans refinanced in March.
GSE refinancings have not been that low since
February 2016, when 130,076 residential loans backed or owned by Fannie or Freddie were refinanced.
Refinances numbered 157,921 in February 2017 and 167,140 in March 2016.
During the most-recent month, there were 88,956 Fannie Mae mortgages refinances,
6 percent fewer than in February 2017.
Freddie Mac loans refinanced fell 14 percent to 54,500 in March.
Transactions completed through the Home Affordable Refinance Program numbered 4,674 in March 2017, more than 4,198 a month earlier but well shy of 7,326 a year earlier.
HARP refinances totaled 3,461,096 since the program’s inception in April 2009.
