​October 2014 Highlights

• Refinance volume rose in October, continuing a trend of minor increases. Mortgage rates have fallen from the highs observed in late 2013. In October the average interest rate on a 30 year fixed rate mortgage reached 4.04 percent.
  
• In October 2014, 13,745 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,246,806.
  
• HARP volume represented 10 percent of total refinance volume in October 2014.
  
• In October 2014, 9 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
  
• Year to date through October 2014, borrowers with loan-to-value ratios greater than 105 pepercent accounted for 28 percent of the volume of HARP loans.
  
• Year to date through October 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 October 2014, HARP refinances represented 31 percent of total refinances in Georgia and 30 percent in Florida, double the 15 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.​