Although monthly refinances of Federal National Mortgage Association loans moved higher, a decline in refinances of Federal Home Loan Mortgage Corp. loans left volume at the lowest level in a least seven years.

Refinances of Fannie Mae and Freddie Mac residential loans by primary home lenders during May came to 103,748, the Federal Housing Finance Agency reported.

Transaction volume dipped from a downwardly revised 104,862 the preceding month to the slowest month on record since at least May 2011 based on the oldest data reported

Source: Mortgage Daily