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HARP Refinances Continue Decline in Third Quarter

More than 242,000 Homeowners Still Eligible


Washington, D.C. – The Federal Housing Finance Agency (FHFA) today reported that 15,597 borrowers refinanced their mortgages through the Home Affordable Refinance Program (HARP) from July through September.  FHFA's third quarter Refinance Report also shows that while total refinance volume increased in September, as mortgage interest rates hovered at lows last seen in 2013, HARP refinances represented 2 percent of total refinances.  Total HARP refinances now stand at 3,434,451. 

According to new data released today, 242,512 borrowers are still eligible for HARP as of the second quarter of 2016.  These borrowers meet the basic HARP eligibility requirements, have a remaining balance of $50,000 or more on their mortgage, have a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates.  These borrowers could save, on average, $2,400 per year by refinancing their mortgage through HARP.  See the new, updated U.S. map showing the number of HARP-eligible borrowers by state, Metropolitan Statistical Area, county and zip code.  In August, FHFA announced a new, high-LTV refinance offering that would be available in October 2017.  To bridge the gap between the new refinance program and HARP, FHFA extended HARP to September 30, 2017. 

Also in the Refinance Report:

  • Through the third quarter, 26 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.
  • Nine states and one U.S. territory accounted for more than 60 percent of borrowers who remain eligible for HARP and have a financial incentive to refinance:  Florida, Illinois, Michigan, Ohio, Georgia, New Jersey, Pennsylvania, Puerto Rico, New York and California.

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 $5.8 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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