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Refinance Report

Refinance Report - October 2017

Published: 12/14/2017

October 2017 Highlights

  • Total refinance volume increased in October 2017 as mortgage rates in September remained below the levels observed at the beginning of the year.  Mortgage rates increased in October: the average interest rate on a 30-year fixed rate mortgage rose to 3.90 percent from 3.81 percent in September.

In October 2017:

    • Borrowers completed 2,184 refinances through HARP, bringing total refinances from the inception of the program to 3,479,901.
    • HARP volume represented 2 percent of total refinance volume.
    • Seven percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.   

Year to date through October 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, Illinois, 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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