Refinances of mortgages backed by the government-sponsored enterprises plummeted to the lowest level during the past 12 months.

For the entire month of February 2017, there were 157,921 Fannie Mae and Freddie Mac residential loans that were refinanced.

That turned out to be the lowest volume for GSE refinances since February of last year, when production came to a downwardly revised 130,075.

Source: Mortgage Daily