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Refinance Report

Refinance Report - April 2013

Published: 7/8/2013

This report provides monthly data and analysis on mortgage rates, refinance volume, and Home Affordable Refinance Program (HARP) volume by state, LTV buckets and other measures.

Report Highlights

  • Refinance volume remained high in April 2013 as mortgage rates remained near record low levels.

  • HARP volume represented 23 percent of total refinance volume in April.

  • In April 2013, 106,910 refinances were completed through HARP, bringing the total refinances through HARP from the inception1 of the program to 2,566,239.

  • In April 2013, 20 percent of the loans refinanced through HARP were at a loan-to-value ratio greater than 125 percent.

  • Year-to-date through April 2013, borrowers with loan-to-value ratios greater than 105 percent accounted for 44 percent of the volume of HARP loans.

  • Year-to-date through April 2013, 17 p​ercent 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 April 2013, HARP refinances represented 62 percent of total refinances in Nevada and 52 percent in Florida, more than double the 22 percent of total refinances nationwide over the same period.

  • Year-to-date through April 2013, underwater borrowers represented 63 percent or more of HARP volume in Nevada, Arizona and Florida.​

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