This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2018 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
Goal: Help restore confidence, enhance capacity to fulfill mission, and mitigate systemic risk that contributed directly to instability in financial markets.
MAINTAIN foreclosure prevention activities and credit availability, REDUCE taxpayer risk, and BUILD a new single-family securitization infrastructure. Read more in the 2018 Scorecard and Conservatorships Strategic Plan.
Plans and Reports
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Glossary - Spanish / English
Language Translation Disclosure
Washington, DC – The Federal Housing Finance Agency (FHFA) today announced that 18,310 borrowers refinanced their mortgages through the Home Affordable Refinance Program (HARP) through June this year. FHFA's second quarter Refinance Report shows that while total refinance volume increased in June, as mortgage interest rates edged lower, HARP refinances represented only 4 percent of total refinances, the lowest percentage since the second quarter of 2009 when the program was first launched. Total HARP refinances now stand at 3,418,854.
There are still more than 323,000 U.S. borrowers eligible for the program who have a financial
incentive to refinance, as of the first quarter
of 2016. These so called "in-the-money" 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 Metropolitan Statistical Area, county and zip code.
Also in the Refinance Report:
FHFA and the Treasury Department introduced HARP in early 2009 as part of the Making Home Affordable program. HARP allows borrowers who are current on their mortgage payments, but have little or no equity in their home, to take advantage of low interest rates and other refinancing benefits.
FHFA launched a nationwide public awareness campaign and the website HARP.gov and HARP.gov/espanol in 2013 to reach eligible borrowers. Since 2014, FHFA has held a series of outreach events in the cities with the highest numbers of eligible borrowers: Chicago, Atlanta, Detroit, Miami, Newark and Phoenix. FHFA has also hosted webinars designed to reach eligible borrowers in Ohio and Maryland, and a webinar designed to encourage borrowers across the country to take advantage of HARP. FHFA has also conducted several social media campaigns to raise awareness about the savings available through HARP. Follow @FHFA and #HARPNow on Twitter, LinkedIn and YouTube for more information.
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 $5.7 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.
Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811
© 2019 Federal Housing Finance Agency