Refinances of residential loans backed or owned by the government-sponsored enterprises slowed to the lowest level in five months.

There were 208,700 Fannie Mae and Freddie Mac mortgages refinanced in the first month of this year — the fewest since August 2016.

GSE refinances tumbled from the final month of 2016, when there were 251,901. But activity accelerated from 132,266 in January 2016.

Source: Mortgage Daily