The Federal Home Loan Mortgage Corp. was responsible for a drop in monthly refinances of government-sponsored enterprise residential loans. It was the sixth month in a row of declines.
Retail loan originators generated 116,882 refinances of single-family loans that are owned or backed by Fannie Mae and Freddie Mac during May.
That was the lowest number of GSE refinances since May 2014, when there were 107,320 Fannie and Freddie mortgages refinanced.
Source: Mortgage Daily