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Refinance Report

Refinance Report - November 2014

Published: 1/16/2015

November 2014 Highlights

  • Refinance volume decreased slightly in November, continuing a trend of minor increases and decreases throughout the year. Mortgage rates have fallen from the highs observed in late 2013. In November the average interest rate on a 30 year fixed rate mortgage reached 4.0 percent.
  • In November 2014, 12,492 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,259,291.
  • HARP volume represented 9 percent of total refinance volume in November 2014.
  • In November 2014, 9 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
  • Year to date through November 2014, borrowers with loan-to-value ratios greater than 105 percent accounted for 28 percent of the volume of HARP loans.
  • Year to date through November 2014, 25 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 November 2014, HARP refinances represented 30 percent of total refinances in Georgia and 29 percent in Florida, nearly double the 15 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.

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