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Record Low Mortgage Rates Contribute to Strong HARP Volume

Report Includes State-Level HARP Data


Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its October 2012 Refinance Report, which shows that Fannie Mae and Freddie Mac have refinanced more than 1.8 million loans through the Home Affordable Refinance Program (HARP) since the program began in 2009. In October, more than 81,000 homeowners refinanced their mortgage through HARP and 790,619 loans have been refinanced through HARP between January and October. The continued high volume of HARP refinances is attributed to record-low mortgage rates and program enhancements announced last year.

Also in the report:

  • In October, 45 percent of the loans refinanced through HARP had loan-to-value (LTV) ratios greater than 105 percent and nearly one-fourth had LTVs greater than 125 percent.

  • In October, nearly 20 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which help build equity faster than 30-year mortgages.

  • Year-to-date through October, HARP refinances represented approximately half of total refinances in Arizona and Nevada, and 60 percent of total refinances in Florida—more than double the 19 percent of total HARP refinances nationwide.

  • Also year-to-date through October, HARP refinances for borrowers with LTV ratios greater than 105 percent accounted for two-thirds of HARP volume in Arizona and Florida, and 79 percent of HARP volume in Florida.

Link to Refinance Report



The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.

​Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
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