July 2015 Highlights

• Refinance volume in July 2015 remained at a level similar to June. Mortgage rates continued to rise in July: the average interest rate on a 30 year fixed rate mortgage reached 4.05 percent.
  
• In July 2015, 9,267 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,342,921.

• HARP volume represented 5 percent of total refinance volume in July 2015.
  
• Year to date through July 2015, borrowers with loan‐to‐value ratios greater than 105 percent accounted for 24 percent of the volume of HARP loans.
  
• In July 2015, 8 percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.

• Year to date through July 2015, 29 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 July 2015, HARP refinances represented 12 or more percent of total refinances in Florida and Georgia, more than double the 5 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.