The monthly number of government-sponsored enterprise mortgages refinanced tumbled to a two-year low. Government-supported refinances plunged to an all-time low.
During July, 109,199 loans that are either guaranteed or owned by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corp. were refinanced.
That was the slowest month since May 2014, when primary home lenders refinanced 107,320 Fannie Mae and Freddie Mac single-family loans.
Source: Mortgage Daily