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Refinance Report

Refinance Report - April 2018

Published: 6/14/2018
April 2018 Highlights

Total refinance volume decreased in April 2018 as mortgage rates rose in March, continuing a trend first observed in October 2017.  Mortgage rates increased in April: the average interest rate on a 30‐year fixed rate mortgage rose to 4.47 percent from 4.44 percent in March, reaching levels last observed in 2013.

In April 2018:
  • Borrowers completed 1,017 refinances through HARP, bringing total refinances from the inception of the program to 3,489,182.
  • HARP volume represented 1 percent of total refinance volume.
  • Three percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.
Year to date through April 2018: 
  • Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 15 percent of the volume of HARP loans.
  • Thirty‐three 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. 
  • HARP refinances represented 3 percent of total refinances in Illinois compared to 1 percent of total refinances nationwide over the same period.
Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.

Nine states and one U.S. territory accounted for over 70 percent of the nation's HARP eligible loans with a refinance incentive as of
December 31, 2017.
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