Fannie Mae Refinancing Volume Surges to $77 bln in March

Fannie Mae (FNM) announced Friday that the company’s refinancing volume jumped to $77 billion in March, nearly twice the refinancing volume the company experienced during the month of February and the company’s largest refinance month since 2003.

“A majority of our business volume in March was in refinanced loans, and we anticipate that volumes will increase even more as millions of additional homeowners become eligible to refinance under the President’s Making Home Affordable plan,” Tom Lund, executive vice president of Fannie Mae’s single-family mortgage business, said in a statement.

Under the Home Affordable Refinance plan, started by Fannie Mae last month, the largest source of U.S. residential funding can refinance loans up to 105% of a home’s value. [via Fannie Mae]

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