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Refinance Report

Refinance Report - Fourth Quarter 2014

Published: 2/20/2015

​Fourth Quarter 2014 Highlights 

  • More loans were refinanced in December than in any other month in 2014. Mortgage rates continued to fall from the highs observed in late 2013. In December the average interest rate on a 30 year fixed rate mortgage reached 3.86 percent.
  • In the fourth quarter of 2014, 37,397 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,270,451.
  • HARP volume represented 9 percent of total refinance volume in the fourth quarter of 2014.
  • In December 2014, 8 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
  • Year to date through December 2014, borrowers with loan-tovalue ratios greater than 105 percent accounted for 27 percent of the volume of HARP loans.
  • Year to date through December 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 December 2014, HARP refinances represented 29 percent of total refinances in Georgia and 28 percent in Florida, nearly double the 14 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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