It has been 10 months since the number of Federal Home Loan Mortgage Corp. loans that were refinanced was as high as it was in May.
There were 173,217 residential loans backed or owned by Fannie Mae and Freddie Mac that were refinanced during all of May 2016.
Refinances of government-sponsored enterprise loans were the highest they’ve been since July 2015, when 198,080 loans were refinanced.
That is according to data released by the two companies’ regulator and conservator, the Federal Housing Finance Agency.
Although originators lifted GSE refinances from April 2016, when the total was 168,209, production receded from May 2015, when there
were 193,188 GSE mortgages refinanced.
There were 101,204 Fannie Mae loans refinanced in the most-recent month, slipping from 103,717 in April.
Freddie Mac refinancings climbed, though, to 72,013 from 64,492 a month earlier. It was the strongest number since there were 99,119 Freddie loans refinanced in July of last year.
May 2016’s combined GSE refinances included 6,091 mortgages refinanced through the Home Affordable Refinance Program, the slowest month for the program since December 2015 when the total was just 5,873.
HARP volume slipped from 6,347
a month earlier and sank compared to 10,419 a year earlier.
Since the program went live
on April 1, 2009, there have been 3,412,982 mortgages refinanced through HARP.
Freddie’s HARP activity fell to 2,162 in May of this year– the slowest month on record for the McLean, Virginia-based company’s refinances based on the oldest HARP data maintained by Mortgage Daily back January 2011.
