Government-supported refinance production plunged to the lowest level on record as overall refinances of government-sponsored enterprise loans sank to a three-year low.

The number of Fannie Mae and Freddie Mac residential loans that were refinanced during the month of April 2017 amounted to 117,956 mortgages.

Based on data maintained by Mortgage Daily, that turned out to be the slowest month for GSE refinances since May 2014, when the total was 107,320.

Source: Mortgage Daily