Government-sponsored enterprise refinances have tumbled on a year-over-year basis, with volume from the government’s program sinking.
Primary originators of home loans refinanced 170,323 mortgages backed or owned by Fannie Mae and Freddie Mac during all of July.
Refinance production diminished when compared to one month prior, a month when there were 177,090 residential GSE loans refinanced.
The decline was more substantial compared to the same month last year, when refinance volume totaled 198,080.
The two secondary lenders’ regulator and conservator, the Federal Housing Finance Agency, provided the data.
Refinances of Washington-based Fannie Mae loans were 101,407, down from 106,499 in June.
But Fannie refinances accelerated from 98,961 in July 2015.
McLean, Virginia-based Freddie Mac refinances fell to 68,916 in July 2016 from 70,591 a month earlier and plunged from 99,119 a year earlier.
GSE mortgages that were refinanced through the Home Affordable Refinance Program numbered 5,121 during the most-recent month, fewer than during any month since at least July 2013 — the oldest data maintained by Mortgage Daily.
HARP volume fell from 5,872 in June and tumbled from 9,267 in July 2015.
Since HARP
went live in April 2009, there have been 3,423,975 loans refinanced through the program.
In August, FHFA reported that it would extend HARP from its current sunset at the end of this year until Sept. 30, 2017.
At the conclusion of the program,
a new permanent offering will replace HARP that is aimed at borrowers whose GSE loans have a high loan-to-value ratio.
