November 16, 2017

FHFA: Total Refinance Volume Ticks Up Slightly in Third Quarter 2017

The Federal Housing Finance Agency (FHFA) today reported that more than 362,934 refinances were completed in the third quarter of 2017, compared with 356,707 in the second quarter.  FHFA’s third quarter Refinance Report also shows that more than 6,913 loans were refinanced through the Home Affordable Refinance Program (HARP), bringing the total number of HARP refinances to 3,477,717 since inception of the program in 2009.

According to new data released today, 118,705 borrowers could still benefit financially from a HARP refinance as of June 30, 2017.  These borrowers meet the basic HARP eligibility requirements, have a remaining balance of $50,000 or more on their mortgage, a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates.  These borrowers could save, on average, $191 per month, or $2,290 per year, by refinancing their mortgage through HARP.  See the new, updated U.S. map showing the number of HARP-eligible borrowers by state, Metropolitan Statistical Area, county and zip code.

Also in the Refinance Report:

Through the third quarter of 2017, 26 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which help build equity faster than traditional 30-year mortgages.

As of June 30, 2017, nine states and one U.S. territory accounted for more than 60 percent of borrowers who remain eligible for HARP and have a financial incentive to refinance:  Illinois, Puerto Rico, Florida, Michigan, Ohio, New Jersey, Pennsylvania, Georgia, Maryland and Alabama.

Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.

Link to Refinance Report

Link to HARP.gov

This post was originally published here.