There are some worrying trends buried in the tables of Freddie Mac’s quarterly refinance statistics for 2018. This, of course, is just a small slice of the economic pie, but the data have all the hallmarks of another housing bubble.

Fannie Mae and Freddie Mac issued a combined total of just $51.86 billion of single-family mortgage-backed securities in January, their lowest monthly production since February 2016. [Includes two data charts.]