Federal Housing Finance Agency Print
Home / Media / HARP Refinances Continue Steady Decline
News Release

HARP Refinances Continue Steady Decline


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:

  • Through the second 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.
  • 10 states account for more than 60 percent of borrowers who remain eligible for HARP and have a financial incentive to refinance; they are: Florida, Illinois, Ohio, Michigan, Georgia, Pennsylvania, New Jersey, California, New York and Maryland.

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

© 2021 Federal Housing Finance Agency