​Third Quarter 2016 Highlights

Total refinance volume increased in September 2016 as mortgage rates in August hovered at lows last observed in 2013. Mortgage rates increased in September: the average interest rate on a 30‐year fixed rate mortgage was 3.46 percent.

In the third quarter of 2016:

• Borrowers completed 15,597 refinances through HARP, bringing total refinances from the inception of the program to 3,434,451.
• HARP volume represented 2 percent of total refinance volume.
• Six percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.

Year to date through September 2016:

• Borrowers with loan-to-value ratios greater than 105 percent accounted for 21 percent of the volume fo HARP loans.
• Twenty-six 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.
• Harp refinances represented 8 or more percent of total refinances in Florida and Georgia, more than double the 3 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.

Ten states accounted for over 60 percent of the nation's HARP eligible loans with a refinance incentive as of June 30, 2016.

Related News Release