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Fannie Mae and Freddie Mac Refinance Volume Decreases In Third Quarter 2018

HARP Expires Next Month


Washington, D.C. – The Federal Housing Finance Agency (FHFA) today reported that Fannie Mae and Freddie Mac completed 253,135 refinances in the third quarter of 2018, compared with 299,460 in the second quarter.  FHFA's third quarter Refinance Report also shows that 1,865 loans were refinanced through the Home Affordable Refinance Program (HARP), bringing the total number of HARP refinances to 3,493,005 since inception of the program in 2009. 

Although HARP is scheduled to expire next month, on Dec. 31, 2018, according to new data released today, 38,818 borrowers could still benefit financially from a HARP refinance.  These borrowers meet the basic HARP eligibility requirements and have a remaining balance of $50,000 or more on their mortgage, a remaining term on their loan of greater than 10 years, and a mortgage interest rate that is at least 1.5 percent higher than current market rates.  These borrowers could save an average of $2,290 annually by refinancing their mortgage through HARP.  The updated interactive U.S. map shows the number of HARP-eligible borrowers by state, Metropolitan Statistical Area, county and zip code as of June 30, 2018.

Also in the Refinance Report:

  • Through the third quarter of 2018, 33 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.
  • One U.S. territory and nine states account for more than 70 percent of borrowers who remain eligible for HARP and have a financial incentive to refinance as of June 30, 2018:  Puerto Rico, Illinois, New Jersey, Florida, Michigan, Ohio, Pennsylvania, Maryland, Alabama and Georgia.
  • Borrowers who refinanced through HARP had a lower delinquency rate compared with borrowers eligible for HARP who did not refinance through the program.

Link to Refinance Report
Link to HARP.gov



The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $6.2 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube and LinkedIn.

Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032
Consumers: Consumer Communications or (202) 649-3811

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