FHA was the vehicle of choice for borrowers refinancing more than $15 billion of home mortgages in April. This is a new monthly record. April was the second consecutive month that had FHA refinance originations exceeding 15 billion.
The chart below shows monthly total FHA mortgage originations (dollars in thousands) used to refinance existing home mortgages.
Click Chart for Larger View and More Statistics
On another note the average FHA refiance mortgage climbed to a new record of $193,500 in April. FHA is gaining market share at the expense of conventional home financing products.