Mortgage Refinance Volume Dropped in September 2009 for Third Month in a Row
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.
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