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Refinance Report

Refinance Report - November 2017

Published: 1/16/2018

November 2017 Highlights


  • Total refinance volume increased in November 2017 as mortgage rates in October remained below the levels observed at the beginning of the year. Mortgage rates increased in November: the average interest rate on a 30‐year fixed rate mortgage rose to 3.92 percent from 3.90 percent in October.

In November 2017:

    • Borrowers completed 2,123 refinances through HARP, bringing total refinances from the inception of the program to 3,482,023. 
    • HARP volume represented 1 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 2017:

    • Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 19 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 5 or more percent of total refinances in Nevada and Florida ‐‐ more than double the 2 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 60 percent of the nation's HARP eligible loans with a refinance incentive as of June 30, 2017.

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