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Refinance Report

Refinance Report - March 2013

Published: 6/12/2013
This 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 March 2013 as mortgage rates rose over the past few months but remained near record low levels.

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

  • In March 2013, 98,982 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 2,459,329.

  • In March 2013, 22 percent of the loans refinanced through HARP were at a loan-to-value ratio greater than 125 percent.

  • Year to date through March 2013, borrowers with loan-to-value ratios greater than 105 percent accounted for 45 percent of the of loans

  • Year to date through March 2013, 17 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.

  • Year to date through March 2013, HARP refinances represented 63 percent of total refinances in Nevada, more than triple the 21 percent of total refinances nationwide, and 53 percent in Florida, more than double the 21 percent of total refinances nationwide.

  • Year to date through March 2013, underwater borrowers represented 64 percent or more of HARP volume in Nevada, Arizona and Florida.​

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