Despite a modest bump in monthly refinances at the Federal Home Loan Mortgage Corp., a tumble in transactions at the Federal National Mortgage Association drove production to an all-time low.

Primary home lenders refinanced 104,863 Fannie Mae and Freddie Mac loans during April, according to a report from the two firms’ regulator and conservator, the Federal Housing Finance Agency.

Based on the oldest available historical data maintained by Mortgage Daily from FHFA back to May 2011, the latest activity represented the slowest month on record for GSE refinances.

Source: Mortgage Daily