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FHFA Refinance Report Shows Uptick in December

HARP Outreach Event Announced


​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) today reported that more loans were refinanced in December of 2014, when the average interest rate on a 30-year fixed mortgage was 3.86 percent, than in any other month of 2014.  FHFA’s fourth quarter Refinance Report also shows that the number of loans refinanced through the Home Affordable Refinance Program (HARP) was 14 percent of total refinances nationwide for 2014, with HARP refinances accounting for 29 percent of all refinances in Georgia and Florida for the year. 

FHFA estimates that as of the third quarter of 2014, more than 652,000 borrowers nationwide have a strong financial reason to refinance through HARP.  Borrowers are considered “in-the-money” if they meet the basic HARP eligibility requirements, have a remaining mortgage balance of $50,000, have a remaining term of greater than 10 years, and an interest rate at least 1.5 percent higher than current market rates.  Nationwide, these borrowers could save, on average, as much as $200 per month on their mortgage payments, or $2,400 per year.  See the U.S. map showing the number of HARP-eligible borrowers by Metropolitan Statistical Area, county and zip code.

FHFA is continuing its efforts to reach HARP-eligible borrowers and announced its fifth outreach event scheduled for March 4 in Newark, NJ​.  FHFA has held town-hall style events with local community and civic leaders in Chicago, Atlanta, Detroit and Miami to get the word out about HARP.  The program expires in December of 2015.

Also in the fourth quarter Refinance Report:

  • In the fourth quarter of 2014, 37,397 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,270,451.
  • Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.
  • More than 25 percent of all 2014 HARP refinances for underwater borrowers (those with a loan-to-value ratio greater than 105 percent) resulted in 15- and 20-year mortgages, which build equity faster than traditional 30-year mortgages.


The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.6 trillion in funding for the U.S. mortgage markets and financial institutions.


​Stefanie​ Johnson (202) 649-3030 / Corinne Russell (202) 649-303​​2​

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