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Refinance Report - July 201621220<h2 style="font-style&#58;normal;">July 2016&#160;Highlights&#160;</h2><p><span style="line-height&#58;22px;">Total refinance&#160;volume decreased in July 2016&#160;after increasing over the previous three months. &#160;Mortgage rates continued to decrea</span><span style="line-height&#58;22px;">se in July&#58; &#160;the average interest rate on a 30-year fixes rate mortgage fell to 3.44 percent from 3.57 percent in June.&#160;</span></p><p><span style="line-height&#58;22px;">In July 2016&#58;</span></p><ul><li><span style="line-height&#58;22px;">Borrowers completed 5.121 refinances through HARP, bringing the total refinances from the inception of the program to 3,423,975.</span><br></li><li><span style="line-height&#58;22px;">HARP volume represented 3&#160;percent of total refinance volume.</span><br></li><li><span style="line-height&#58;22px;">Five percent of the loans refinances through HARP had a&#160;loan‐to‐value ratio&#160;greater than 125 percent.</span><br></li></ul><span style="line-height&#58;22px;">Year to date through July 2016&#58;&#160;</span><br><span style="line-height&#58;22px;"><ul><li><span style="line-height&#58;22px;">Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 21 percent of the volume of HARP loans.</span><br></li><li><span style="line-height&#58;22px;">Twenty-six percent of HARP refinance for underwater borrowers were for shorter-term 15- and&#160;20‐year mortgages, which build equity faster than traditional 30‐y</span><span style="line-height&#58;22px;">ear mortgages.</span><br></li><li><span style="line-height&#58;22px;">HARP&#160;refinances represented 9 or more percent of total refinances in Florida&#160;and Georgia, more than double the 4&#160;percent of total refinances nationwide over the same period.</span><br></li></ul></span><span style="line-height&#58;22px;">Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.</span><br><span style="line-height&#58;22px;">Ten states accounted for over 60 percent of the nation's HARP eligible loans with a refinance incentive as of March 31, 2016.</span><br><p>&#160;</p><ul style="line-height&#58;14px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;normal;"><font face="Calibri"></font><font color="#33339b" lang="JA" face="ArialMT"><font color="#33339b" lang="JA" face="ArialMT"></font></font></ul>9/16/2016 2:00:58 PM189http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - 2Q 2016 / June20159<p>U.S. house prices rose <strong>1.2 percent </strong>in the second quarter of 2016 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). &#160; House prices rose 5.6 percent from the second quarter of 2015 to the second quarter of 2016. FHFA’s seasonally adjusted monthly index for June was up 0.2 percent from May. &#160;The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.&#160;</p><p>While the HPI rose 5.6 percent from the second quarter of 2015 to the second quarter of 2016, prices of other goods and services were nearly unchanged. &#160;The inflation-adjusted price of homes rose approximately 5.7 percent over the last year.</p><p><strong>Significant Findings</strong></p><ul><li>Home prices rose in every state except Vermont between the second quarter of 2015 and the second quarter of 2016. &#160;The top five states in annual appreciation were&#58; &#160;1) Oregon 11.7 percent; 2) Washington 10.3 percent; 3) Colorado 10.2 percent; 4) Florida 10.0 percent; and 5) Nevada 9.6 percent.</li><li>Among the 100 most populated metropolitan areas in the U.S., annual price increases were greatest in North Port-Sarasota-Bradenton, FL, where prices increased by 15.7 percent. &#160;Prices were weakest in Bridgeport-Stamford-Norwalk, CT, where they fell 3.3 percent.</li><li>Of the nine census divisions, the Mountain division experienced the strongest increase in the second&#160;quarter, posting a 1.9 percent quarterly increase and an 8.1 percent increase since the second quarter of last year. &#160;House price appreciation was weakest in the Middle Atlantic division, where prices rose 0.6 percent from the last quarter.&#160;</li></ul><p><a href="/Media/PublicAffairs/Pages/US-House-Prices-Rise-1pt2-Percent-in-Second-Quarter-Some-Signs-of-Deceleration.aspx">Related News Release</a></p><p><a href="https&#58;//www.youtube-nocookie.com/embed/48M6qfLGVZM" target="_blank">Video of Highlights for 2Q 2016</a></p><div><br></div>8/24/2016 1:00:29 PM2983http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Dodd-Frank Act Stress Tests - Severely Adverse Scenario20992<h2>Background </h2> <br> <ul><li>This report provides updated information on possible ranges of future financial results of Fannie Mae and Freddie Mac (the &quot;Enterprises&quot;) under severely adverse conditions. The severely adverse conditions assumed were identical for both Enterprises.</li><li>The Enterprises are required to conduct stress tests per FHFA rule 12 CFR § 1238, which implements section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &quot;Dodd-Frank Act&quot;). Section 165(i)(2) of the Dodd-Frank Act requires certain financial companies with total consolidated assets of more than $10 billion, and which are regulated by a primary Federal financial regulatory agency, to conduct annual stress tests to determine whether the companies have the capital necessary to absorb losses as a result of adverse economic conditions. This is the third implementation of the Dodd-Frank Act Stress Tests (DFAST).</li><li>The projections reported here are not expected outcomes. They are modeled projections in response to &quot;what if&quot; exercises based on assumptions about Enterprise operations, loan performance, macroeconomic and financial market conditions, and house prices. The projections do not define the full range of possible outcomes. Actual outcomes may be very different. </li><li>An overview of the DFAST Severely Adverse scenario is described on page 4. The Enterprises used their respective internal models to project their financial results based on the assumptions provided by the Federal Reserve and FHFA. </li><li>While this effort achieves a degree of comparability between the Enterprises, it does not eliminate differences in their respective internal models, accounting differences, or management actions. </li></ul><h2>Dodd‐Frank Act Stress Tests Severely Adverse Scenario </h2> <br> <ul><li>As of December 31, 2015, the Enterprises have drawn a combined $187.5 billion from the Department of the Treasury under the terms of the Senior Preferred Stock Purchase Agreements (the &quot;PSPAs&quot;).  </li><li>The combined remaining funding commitment under the PSPAs as of December 31, 2015 was $258.1 billion.  </li><li>Under the Severely Adverse scenario, incremental Treasury draws are projected to range between $49.2 billion and $125.8 billion depending on the treatment of deferred tax assets.  </li><li>The remaining funding commitment under the PSPAs after the projected draws ranges between $208.9 billion and $132.2 billion depending on the treatment of deferred tax assets. </li></ul><p> <a href="/Media/PublicAffairs/Pages/FHFA-Announces-Results-of-Fannie-and-Freddie-Dodd-Frank-Act-Stress-Tests-8-8-2016.aspx">Related News Release</a></p>8/8/2016 3:02:12 PM442http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - May 201610465<h1>​May 2016 Highlights</h1><div> <br> </div><p>Total refinance volume increased in May 2016 as rates remained&#160;below the levels observed at the end of 2015. Mortgage rates&#160;decreased in May&#58; the average interest rate on a 30‐year fixed rate&#160;mortgage fell to 3.60 percent from 3.61 percent in April.</p><p>In May 2016&#58;</p><ul><li> <span style="line-height&#58;22px;">Borrowers completed 6,091 refinances through HARP, bringing total refinances from the inception of the program to 3,412,982.</span><br></li><li> <span style="line-height&#58;22px;">HARP volume represented 4 percent of total refinance volume.</span><br></li><li> <span style="line-height&#58;22px;">Six percent of the loans refinanced through HARP had a loan-to‐value ratio greater than 125 percent.</span><br></li></ul><p>Year to date though May 2016&#58;</p><ul><li> <span style="line-height&#58;22px;">Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 22 percent of the volume of HARP loans.</span><br></li><li> <span style="line-height&#58;22px;">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.</span><br></li><li> <span style="line-height&#58;22px;">HARP refinances represented 9 or more percent of total refinances in Florida and Georgia, more than double the 4 percent of total refinances nationwide over the same period.</span></li></ul><p>​Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program. </p><p>​Ten states accounted for over 60 percent of the nation's HARP eligi​ble loans with a refinance incentive as of December 31, 2015.</p>7/18/2016 5:00:14 PM649http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - April 201620467<p style="font&#58;14px/22px &quot;source sans pro&quot;, sans-serif;margin&#58;0px 0px 10px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;word-spacing&#58;0px;vertical-align&#58;baseline;white-space&#58;normal;widows&#58;1;font-size-adjust&#58;none;font-stretch&#58;inherit;background-color&#58;#ffffff;">U.S. house prices rose in April, up 0.2 percent on a seasonally adjusted basis from the previous month.&#160; From April 2015 to April 2016, house prices were up 5.9 percent.&#160; For the nine census divisions, seasonally adjusted monthly price changes from March 2016 to&#160;April 2016 ranged from -0.7 percent in the Middle Atlantic division to +1.4 percent in the New England division. The 12-month changes were all positive, ranging from +1.7 percent in the Middle Atlantic division to +8.6 percent in the Pacific division.</p><p style="font&#58;14px/22px &quot;source sans pro&quot;, sans-serif;margin&#58;0px 0px 10px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;word-spacing&#58;0px;vertical-align&#58;baseline;white-space&#58;normal;widows&#58;1;font-size-adjust&#58;none;font-stretch&#58;inherit;background-color&#58;#ffffff;">Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs in the attachment.</p> <a href="/Media/PublicAffairs/Pages/FHFA-House-Price-Index-Up-0pt2-Percent-in-April-2016.aspx" target="_blank"> Related News Release<p>&#160;</p></a> 6/22/2016 1:04:12 PM2042http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - April 201620835<h1>April 2016 Highlights</h1><p>Total refinance volume increased in April 2016 after a decrease in mortgage rates in the first quarter.&#160; </p><p>Mortgage rates decreased in April&#58; the average interest rate on a 30‐year fixed rate mortgage fell to 3.61 percent from 3.69 percent in March.<br></p><p>In April 2016&#58;</p><ul><li>Borrowers completed 6,347 refinances through HARP, bringing total refinances from the inception of the program to 3,406,890.</li><li> HARP volume represented four percent of total refinance volume.</li><li> Six percent of the loans refinanced through HARP had a loan-to‐value ratio greater than 125 percent.<br></li></ul><p>Year to date though April 2016&#58;</p><ul><li>Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 22 percent of the volume of HARP loans. </li><li>Twenty six percent of HARP refinances for underwater&#160;borrowers were for shorter‐term 15‐ and 20‐year mortgages, which build equity faster than traditional 30‐year mortgages.</li><li>HARP refinances represented 10 or more percent of total refinances in Florida and Georgia, more than double the 4 percent of total refinances nationwide over the same period.</li></ul><p>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.<br> Ten states accounted for over 60 percent of the nation's HARP eligible loans with a refinance incentive as of December 31, 2015.&#160;</p>6/14/2016 5:00:10 PM479http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - 1Q2016 / March19722<p>U.S. house prices rose&#160;1.3 percent&#160;in the first quarter of 2016&#160;according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).&#160; This is the nineteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index.&#160; FHFA's seasonally adjusted monthly index for March was up&#160;0.7&#160;percent&#160;from February.&#160; The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. FHFA has produced a <a href="https&#58;//youtu.be/wKe9YgGVALs">video of highlights</a> for this quarter.</p><p style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;22px;font-family&#58;'source sans pro', sans-serif;vertical-align&#58;baseline;padding&#58;0px;color&#58;#404040 !important;background-color&#58;#ffffff;"></p><p>​While the&#160;purchase-only HPI rose&#160;5.7&#160;percent&#160;from the first quarter of 2015 to the first quarter of 2016,&#160;prices of other goods and services were nearly unchanged.&#160; The inflation-adjusted price of homes thus rose approximately 5.6&#160;percent over the latest year.</p><p><strong>Significant Findings</strong></p><div><ul><li><p>Home prices rose in every state between the first quarter of 2015 and the first quarter of 2016. &#160;The top five states in annual appreciation were&#58; &#160;1) Oregon 11.8 percent; 2) Florida 11.2 percent; 3) Washington 10.9 percent; 4) Nevada 9.4 percent; and 5) Colorado 9.0 percent.</p></li><li><p>Among the 100 most populated metropolitan areas in the U.S., annual price increases were greatest in the West Palm Beach-Boca Raton-Delray Beach, FL (MSAD), where prices increased by 16.7 percent. &#160;Prices were weakest in El Paso, TX, where they fell 2.8 percent.</p></li><li><p>Of the nine census divisions, the Pacific division experienced the strongest increase in the first quarter, posting a 1.9 percent quarterly increase and an 8.1 percent increase since the first quarter of last year. &#160;House price appreciation was weakest in the Middle Atlantic division, where prices rose 0.6 percent from the last quarter.&#160;</p></li></ul></div><p style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;22px;font-family&#58;'source sans pro', sans-serif;vertical-align&#58;baseline;padding&#58;0px;color&#58;#404040 !important;background-color&#58;#ffffff;"><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;line-height&#58;inherit;"><a href="/Media/PublicAffairs/Pages/US-House-Prices-Rise-1pt3-Percent-in-First-Quarter-2016.aspx">Related News Release</a>​</span><br></p><p></p>5/25/2016 1:00:53 PM4353http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index - February 201619762<p>U.S. house prices rose in February, up 0.4 percent on a seasonally adjusted basis from the previous month.&#160; From February 2015 to February 2016, house prices were up 5.6 percent.&#160; For the nine census divisions, seasonally adjusted monthly price changes from January 2016 to February 2016 ranged from -0.7 percent in the South Atlantic division to +1.7 percent in the Middle Atlantic division. The 12-month changes were all positive, ranging from +2.5 percent in the New England division to +8.4 percent in the Pacific division.</p><p>Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs in the attachment.</p><p> <a href="/Media/PublicAffairs/Pages/FHFA-House-Price-Index-Up-0-4-Percent-in-February.aspx">​​Related News Release</a>​</p>4/29/2016 8:10:17 PM2831http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - February 201619014<h2>​February 2016 Highlights</h2><div><p></p><ul><li><span style="line-height&#58;22px;">​​</span><span style="line-height&#58;22px;">Total refinance volume continued to decrease in February 2016 as&#160;</span><span style="line-height&#58;22px;">mortgage rates remained just under 4 percent over the&#160;previous three&#160;</span><span style="line-height&#58;22px;">months. Mortgage rates decreased in February&#58; the average interest&#160;</span><span style="line-height&#58;22px;">rate on a 30‐year fixed rate mortgage fell to 3.66 percent from 3.87&#160;</span><span style="line-height&#58;22px;">percent in January.​</span><br></li></ul></div><blockquote style="margin&#58;0px 0px 0px 40px;border&#58;none;padding&#58;0px;"><div><p><span style="font-style&#58;normal;font-variant&#58;normal;line-height&#58;22px;">​​In February 2016&#58;</span></p></div></blockquote><ul><ul><li><span style="line-height&#58;22px;">Borrowers completed 6,424 refinances through HARP, bringing&#160;</span><span style="line-height&#58;22px;">total refinances from the inception of the program to 3,393,217.</span></li><li><span style="line-height&#58;22px;">HARP volume represented 5 percent of total refinance volume.</span></li><li><span style="line-height&#58;22px;">Nine percent of the loans refinanced through HARP had a&#160;</span><span style="line-height&#58;22px;">loan‐to‐value ratio greater than 125 percent.</span></li></ul></ul><blockquote style="margin&#58;0px 0px 0px 40px;border&#58;none;padding&#58;0px;"><p>​Year to date through February 2016&#58;</p></blockquote><ul><ul><li><span style="line-height&#58;22px;">Borrowers with loan‐to‐value ratios greater than 105 percent&#160;</span><span style="line-height&#58;22px;">accounted for 23 percent of the volume of HARP loans.</span></li><li><span style="line-height&#58;22px;">Twenty five percent of HARP refinances for underwater&#160;</span><span style="line-height&#58;22px;">borrowers were for shorter‐term 15‐ and 20‐year mortgages,&#160;</span><span style="line-height&#58;22px;">which build equity faster than traditional 30‐year mortgages</span><span style="line-height&#58;22px;">.</span></li><li><span style="line-height&#58;22px;">HARP refinances represented 10 or more percent of total&#160;</span><span style="line-height&#58;22px;">refinances in Florida and Georgia, double the 5 percent of total&#160;</span><span style="line-height&#58;22px;">refinances nationwide over the same period.</span></li></ul></ul><p><span style="line-height&#58;22px;"></span></p><p><span style="line-height&#58;22px;"></span></p><ul><li><span style="line-height&#58;22px;">Borrowers who refinanced through HARP had a lower delinquency&#160;</span><span style="line-height&#58;22px;">rate compared to borrowers eligible for HARP who did not refinance&#160;</span><span style="line-height&#58;22px;">through the program.</span><br></li><li><span style="line-height&#58;22px;">Ten states accounted for over 60 percent of the nation's HARP&#160;</span><span style="line-height&#58;22px;">eligible loans with a refinance incentive as of September 30, 2015.​</span><br></li></ul><p><span style="line-height&#58;22px;"></span></p>4/13/2016 3:00:45 PM1127http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index - January 201620418<p>U.S. house prices rose&#160;in January, up 0.5 percent on a seasonally adjusted basis from&#160;the previous month.&#160;&#160;From&#160;January 2015 to January 2016, house prices were up 6.0&#160;percent.&#160; For the nine census divisions, seasonally adjusted monthly price changes from&#160;December 2015 to&#160;January 2016 ranged from&#160;-1.0&#160;percent in the Middle Atlantic division to +1.7&#160;percent in the South Atlantic&#160;division. &#160;The 12-month changes were all positive, ranging from + 1.7&#160;percent in the Middle Atlantic division&#160;to +8.9&#160;percent in the South Atlantic division. </p><p>Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs in the attachment.</p><p><a href="/Media/PublicAffairs/Pages/FHFA-House-Price-Index-Up-0-5-Percent-in-January-2016.aspx">Related News Release</a></p>3/22/2016 1:00:15 PM2855http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

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