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Refinance Report

Refinance Report - November 2015

Published: 1/13/2016
  • ​Total refinance volume rose slightly in November 2015 after a three month drop in mortgage rates through October. Mortgage rates rose in November: the average interest rate on a 30‐year fixed rate mortgage increased to 3.94 percent from 3.80 percent in October.
  • In November 2015, 7,446 refinances were completed through HARP, bringing total refinances through HARP from the inception of the program to 3,374,680.
  • HARP volume represented 5 percent of total refinance volume in November 2015.
  • Year to date through November 2015, borrowers with loan‐to‐value ratios greater than 105 percent accounted for 24 percent of the volume of HARP loans.
  • In November 2015, 7 percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.
  • Year to date through November 2015, 28 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 November 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.
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