A slump in monthly refinances of loans backed by the Federal National Mortgage Association more than offset an increase at its secondary rival — driving refinances to an eight-month low.

Primary mortgage originators refinanced 116,193 Fannie Mae and Freddie Mac single-family loans during March — the fewest since 109,199 loans were refinanced in July 2017.

The statistics were based on an analysis of quarterly refinance data reported by the regulator and conservator of the two government-sponsored enterprises, the Federal Housing Finance Agency.

Source: Mortgage Daily