Freddie Mac's issuance of MBS declined in May for the fifth consecutive month to a 27-month low as refinancing activity continues to wane.

The secondary market agency reported Friday morning that it issued $20.7 billion in MBS in May, down 8.8% from the prior month.  It is the lowest level of issuance since January 2009 when the government sponsored enterprise issued only $16.3 billion in MBS.

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