Just a month after surging to a three-year high, refinances of government-sponsored enterprise loans fell — with federally funded transactions falling to an all-time low.
There were 243,537 Federal National Mortgage Association and Federal Home Loan Mortgage Corp. residential loans that were refinanced in October of this year.
GSE refinance production moved lower from 250,534 in September, which had been the busiest month since August 2013 when there were 302,370 transactions.
GSE refinances increased, though, from 145,019 in October 2015.
The latest total consisted of 151,654 Fannie Mae refinances and 91,883 Freddie Mac refinances.
Included in the October 2016 total were
3,986 loans refinanced through the Home Affordable Refinance Program — the fewest of any month since at least July 2013 based on the oldest data maintained by Mortgage Daily.
HARP volume sank from 5,204 a month earlier and 7,755 a year earlier.
There have been
3,438,437 HARP refinances since the program went live in April 2009.
