​November 2016 Highlights

Total refinance volume rose in November 2016 as mortgage rates in October remained near lows last observed in 2013. Mortgage rates increased by over a quarter percent in November: the average interest rate on a 30-year fixed rate mortgage was 3.77 percent.

In November 2016:

• Borrowers completed 4,530 refinances through HARP, bringing total refinances from the inception of the program to 3,442,967.
• HARP volume represented 2 percent of total refinance volume.
• Five percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.

Year to date through November 2016: 

• Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 21 percent of the volume of HARP loans.
• 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.
• HARP refinances represented 6 or more percent of total refinances in Nevada, Florida, and Georgia, double the 3 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.

Ten states accounted for over 60 percent of the nation's HARP eligible loans with a refinance incentive as of June 30, 2016.