Streamline refinancings of existing FHA borrowers picked up in October and November, according to new origination data released by the Federal Housing Administration.
In the latest “FHA Single-Family Outlook” report, the agency endorsed 48,490 streamline refinances in November and 47,626 in October, compared to 39,580 in August.
In November, refinancings exceeded purchase mortgage transactions, which rarely happens in the FHA program.
FHA received 63,650 applications for streamline refis in November, down from 72,300 in October.
Overall, FHA lenders originated $21 billion in forward mortgages in November and $11.1 billion were refinancings. In October, FHA endorsed $22.7 billion in single-family loans, excluding FHA-insured reverse mortgages.
The November Outlook report also shows the serious delinquency rate on FHA’s insured single-family portfolio is 9.5%, up from 9.3% a year ago.
FHA has 735,376 loans that are 90 days or more past due.