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Refinance Report

Refinance Report - January 2013

Published: 4/9/2013

Report ThumbnailThis report provides monthly data and analysis on mortgage rates, refinance volume, and Home Affordable Refinance Program (HARP) volume by state, LTV buckets and other measures.

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Report Highlights

  • Refinance volume remained high in January 2013 compared to historical levels as mortgage rates remained near historic lows.

  • HARP volume represented 21 percent of total refinance volume in January.

  • In January, 97,589 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 2,262,609.

  • Borrowers in January with loan-to-value ratios greater than105 percent accounted for 47 percent of the volume of HARP loans.

  • In January, 18 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.

  • The number of completed HARP refinances reported for deeply underwater borrowers continued to represent a significant portion of total HARP volume. In January 2013, 25 percent of the loans refinanced through HARP were at a loan- to-value ratio greater than 125 percent.

  • HARP continued to account for a substantial portion of total refinance volume in certain states. In January 2013, HARP refinances represented 66 percent of total refinances in Nevada, more than triple the 21 percent of total refinances nationwide. HARP refinances also represented 56 percent of total refinances in Florida in January, more than double the 21 percent of total refinances nationwide.

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