FHFA refi report shows refi volumes dropped in September

Fannie Mae and Freddie Mac refinanced more than 3.5 million mortgage loans in 2009 through September of this year. In the month of September, 262,000 mortgages were refinanced—a drop from the volume of the preceding month—with mortgage rates still higher than levels observed in the spring. The numbers were announced by Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), in its monthly report on enterprises’ refinance volumes and the Administration’s Making Home Affordable Refinance Program (HARP).