Government-supported refinance production plunged to the lowest level on record as overall refinances of government-sponsored enterprise loans sank to a three-year low.
The number of Fannie Mae and Freddie Mac residential loans that were refinanced during the month of April 2017
amounted to 117,956 mortgages.
Based on data maintained by Mortgage Daily, that turned out to be the slowest month for GSE refinances since May 2014, when the total was 107,320.
The regulator and conservator of the two secondary lenders, the Federal Housing Finance Agency,
released the latest data Thursday.
GSE refinance volume was 143,456 in March 2017 and a downwardly revised 168,209 in April 2016.
Refinances of Fannie Mae mortgages accounted for 72,559 of the latest total, while refinances of Freddie Mac loans numbered 45,397.
Mortgages refinanced through the Home Affordable Refinance Program totaled 3,493 in April 2017 — the lowest number on record based on the oldest available data
maintained by Mortgage Daily going back to
January 2011.
HARP volume was 4,674 a month earlier and 6,347 a year earlier.
There have been
3,464,589 mortgages refinanced through HARP since the program went live in April 2009.
