​Second Quarter 2015 Highlights

• Refinance volume increased slightly in June 2015 after falling in May. Mortgage rates continued to rise in June: the average interest rate on a 30 year fixed rate mortgage reached 3.98 percent.
• In the second quarter of 2015, 31,561 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,333,654.
• HARP volume represented 5 percent of total refinance volume in the second quarter of 2015.
• Year to date through June 2015, borrowers with loan‐to‐value ratios greater than 105 percent accounted for 24 percent of the volume of HARP loans.
• In June 2015, 7 percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.
• Year to date through June 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 June 2015, HARP refinances represented 13 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.