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Refinance Report

Refinance Report - Third Quarter 2017

Published: 11/16/2017

Third Quarter 2017 Highlights

  • Total refinance volume increased in September 2017 as mortgage rates in August remained below the levels observed at the beginning of the year.  Mortgage rates decreased in September: the average interest rate on a 30-year fixed rate mortgage fell to 3.81 percent from 3.88 percent in August.

In the third quarter of 2017:

    • Borrowers completed 6,913 refinances through HARP, bringing total refinances from the inception of the program to 3,477,717.
    • HARP volume represented 2 percent of total refinance volume.
   
Year to date through September 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, Georgia, Illinois, and Florida -- more than double the 2 percent of total refinances nationwide over the same period.
  • In September 2017, 6 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
  • 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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