A downdraft in refinancings showed up in an agency report on HARP refinancings by Fannie Mae and Freddie Mac seller/servicers.
The Federal Housing Finance Agency reported Thursday that GSE refinancings fell nearly 10% from April to May and HARP refis fell by 20%.
The GSE regulator reported that the two secondary market agencies refinanced 418,000 loans in May, down from 463,500 in April. The May figure is the lowest level of GSE refinancings since July 2012, except for a big dip in refinancings in December 2012. Overall, refinancings are still up 22% from May 2012.
Meanwhile,
Fannie accounted for 75% of the 22,260 drop in refinancings under the Home Affordable Refinance Program, which provides streamline refinancing of GSE mortgages with loan-to-value ratios greater than 80%.
