Lenders originated $26.9 billion in Federal Housing Administration single-family loans in January, down more than 10% from the previous month.
Refinancings totaled $11.5 billion and accounted for 40% of January originations, the agency said in an activity report. FHA originations had been ranging from $26 billion to $30 billion a month for the previous five months.
Meanwhile, the FHA's rate of serious delinquencies continues to rise. The share of FHA loans 90 days or more past due was 9.4% in January, up from 9.12% in December.
