Fannie Mae and Freddie Mac bought nearly 400,000 refinanced loans in the third quarter, an 82% spike from the second quarter, according to data released Tuesday by their regulator, the Federal Housing Finance Agency (FHFA).

FHFA said low mortgage rates boosted refinancings of loans with high loan-to-value ratios under the government-sponsored enterprises' Home Affordable Refinance Program (HARP) by 35%. Fannie and Freddie refinanced nearly 45,000 loans with LTV ratios of 80% to 125%, compared with 27,120 in the second quarter.

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