Mortgage Refinance Volume Dropped in September 2009 for Third Month in a Row
Fannie Mae and Freddie Mac mortgage refinance volume dropped in September 2009 for third month in a row, according to the latest report issued by the Federal Housing Finance Agency (FHFA).
Despite dropping mortgage rates in the last three months (the 30-year fixe-rate mortgage rate dropped from 5.42% in June to 5.06% in September) Fannie Mae and Freddie Mac mortgage refinance volume decreased to 262,037 from 358,689 in August 2009, representing a 27% monthly drop and a 38% drop from July when 422,499 mortgages were refinanced.
The year-to-date number of mortgages refinanced as of September 2009 by Fannie Mae and Freddie Mac reached 3,521,292.
FHFA press release points out that it appears consumers finished taking advantage of a much larger rate drop that ran from 2008 to the spring of 2009, when the 30-year mortgage rate dropped down to 4.81%. If you have an interesting comment in relation to this article please use the form below Related Posts to submit it. Please read submission guidelines before writing and submitting your comment.
