Refinances of loans backed or owned by the government-sponsored enterprises climbed to a six-month high as Making Home Affordable refinance volume fell to an all-time low.

Primary mortgage originators refinanced 128,738 single-family GSE loans during September, according to an analysis of data reported by the Federal Housing Finance Agency.

Refinance production accelerated from 124,997 previously reported for the preceding month and was greater than any month since March, when 143,455 mortgages were refinanced.

Source: Mortgage Daily