The flow of refinance mortgages to Fannie Mae and Freddie Mac increased during the fourth quarter, but the two GSEs continued to see declining volume in the Home Affordable Refinance Program. According to figures from the Federal Housing Finance Agency, Fannie and Freddie securitized 432,376 refinance mortgages in the fourth quarter, up 11.1 percent from the previous period. Fannie had the bigger gain, 16.2 percent. But total HARP activity fell 15.3 percent from the third quarter, and for the year it was down 75.9 percent from 2013 levels. The biggest slowdown in HARP were mortgages with loan-to-value ratios exceeding 105 percent. Both GSEs are doing more non-HARP streamlined refi business than in the program set up in 2009 for underwater ... [with two exclusive charts] ...