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Refinance Report

Refinance Report - Third Quarter 2014

Published: 11/26/2014

​Third Quarter 2014 Highlights

 

  • Refinance volume in September continued a trend of minor increases over the last four months but remained comparable to
    levels in 2008. Mortgage rates have ranged between four and four and a half percent since June 2013. In September, the average interest rate on a 30 year fixed rate mortgage increased from August to 4.16 percent.
  • In the third quarter of 2014, 44,136 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,233,061.
  • HARP volume represented 11 percent of total refinance volume in the third quarter of 2014.
  • In the third quarter of 2014, 9 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
  • Year to date through September 2014, borrowers with loan-to-value ratios greater than 105 percent accounted for 28 percent of the volume of HARP loans.
  • Year to date through September 2014, 25 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which build equity faster than traditional 30-year mortgages.
  • Year to date through September 2014, HARP refinances represented 33 percent of total refinances in Georgia and 31 percent in Florida, nearly double the 16 percent of total refinances nationwide over the same period.
  • Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.

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