The quarterly number of home-purchase loans financed by the Federal National Mortgage Association turned sharply higher. Refinance transactions, though, sank.

Before federal income taxes, Fannie Mae earned $4.8 billion during the the three months concluded on June 30, according to its second-quarter earnings report.

Income at the Washington-based firm was a little stronger than $4.2 billion earned in the preceding three months, and $4.3 billion earned during the same three months last year.

Source: Mortgage Daily