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Refinance Report - August 201825495<h2 style="font-family&#58;lato, sans-serif;border-color&#58;currentcolor;font-style&#58;normal;">​​August 2018&#160;Highlights&#160;<br></h2><ul style="border-color&#58;currentcolor;font-style&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;"><li>Total refinance&#160;volume increased in August 2018&#160;as mortgage rates in July fell, continuing a trend also observed in June. Mortgage&#160;rates increased in August&#58; the average interest rate on a 30-year fixed rate mortgage rose&#160;to 4.55&#160;percent from 4.53&#160;percent in July.<br></li></ul><blockquote style="margin&#58;0px 0px 0px 40px;border&#58;none;padding&#58;0px;"><p style="border-color&#58;currentcolor;font-style&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;"><span style="border-color&#58;currentcolor;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">In August 2018&#58;</span></p></blockquote><ul><ul><li>Borrowers completed 651 refinances through HARP, bringing total refinances from the inception of the program to 3,492,487​.</li><li>HARP volume represented 1&#160;percent of total refinance volume.</li><li>Five&#160;percent of the loans refinanced through HARP had a&#160;loan‐to‐value ratio&#160;greater than 125 percent.</li></ul></ul><blockquote style="margin&#58;0px 0px 0px 40px;border&#58;none;padding&#58;0px;"><p>​Year to date through August 2018&#58;&#160;</p></blockquote><ul><ul><li>Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 16&#160;percent of the volume of HARP loans.</li><li>Thirty-three&#160;percent of HARP refinances for underwater borrowers were for shorter-term 15- and&#160;20‐year mortgages, which build equity faster than traditional 30‐y<span style="border-color&#58;currentcolor;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">ear mortgages.</span></li><li>HARP&#160;refinances represented 3&#160;percent of total refinances in Illinois compared to 1 percent of total refinances nationwide over the same period.</li></ul><li>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.<br></li><li>Ten&#160;states accounted for over 70 percent of the nation's HARP eligible loans with a refinance incentive as of March 31, 2017.<span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;color&#58;#444444;">​</span><br></li></ul><span style="border-color&#58;currentcolor;font-style&#58;normal;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;color&#58;#444444;"></span>10/16/2018 3:00:38 PMHome / About FHFA / Reports / Refinance Report - August 2018 Refinance Report 119https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index - July 201825661<p>​The FHFA House Price Index (HPI) reported a&#160;0.2 percent increase in U.S. house prices in July from&#160;the previous month.&#160; From July 2017 to July 2018, house prices were up 6.4 percent.&#160; For the nine census divisions, seasonally adjusted monthly price changes from June 2018 to July 2018 ranged from -0.5 percent in the East South Central division to +1.1 percent in the South Atlantic division.&#160; The&#160;12-month changes were all positive, ranging from +4.7 percent in the New England division to +8.7 percent in the Mountain division.</p><p>Monthly index values and appreciation rate estimates for recent periods are provided in the tables and graphs in the attachment.&#160;</p><p><a href="/Media/PublicAffairs/Pages/FHFA-House-Price-Index-Up-0pt2-Percent-in-July-2018.aspx">Related News Release</a></p>9/25/2018 1:00:11 PMHome / About FHFA / Reports / U.S. House Price Index - July 2018 House Price Index 1775https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - July 201825469<h2>&#160;July 2018 Highlights</h2><blockquote dir="ltr" style="margin-right&#58;0px;"><ul><li> Total refinance volume decreased in&#160;July 2018 as mortgage rates in June remained above the levels observed&#160;in 2017.&#160; Mortgage rates decreased in July&#58; the average interest rate on a 30-year fixed rate mortgage fell to 4.53 percent from 4.57 percent in June. </li><blockquote dir="ltr" style="margin-right&#58;0px;"><p>&#160;&#160;&#160; In July 2018&#58;</p></blockquote><ul><ul><li> Borrowers completed 696 refinances through HARP, bringing total refinances from the inception of the program to 3,491,836. </li><li> HARP volume represented 1 percent of total refinance volume. </li><li> Eight percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent. </li></ul><blockquote dir="ltr" style="margin-right&#58;0px;"><p>Year to date through July 2018&#58;</p></blockquote><ul><li> Borrowers with loan-to-value ratios greater than 105 percent accounted for 16 percent of the volume of HARP loans. </li><li> Thirty-three 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. </li><li> HARP refinances represented 3&#160;percent of total refinances in Illinois compared to 1 percent of total refinances nationwide over the same period. </li></ul><li> Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program. </li></ul></ul></blockquote><ul dir="ltr"><ul><li> Ten states&#160;accounted for over 70 percent of the nation's HARP eligible loans with a refinance incentive as of March&#160;31, 2018. </li></ul></ul>9/13/2018 3:00:35 PMHome / About FHFA / Reports / Refinance Report - July 2018 Refinance Report Year to date through July 2018 390https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - 2Q 201825681<p style="margin&#58;0px 0px 10px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;text-transform&#58;none;line-height&#58;22px;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;vertical-align&#58;baseline;white-space&#58;normal;orphans&#58;2;widows&#58;2;font-stretch&#58;inherit;background-color&#58;#ffffff;text-decoration-style&#58;initial;text-decoration-color&#58;initial;">U.S. house prices rose 1.1 percent in the second quarter of 2018 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).&#160; House prices rose 6.5 percent from the second quarter of 2017 to the second quarter of 2018.&#160; FHFA's seasonally adjusted monthly index for June was up 0.2 percent from May.&#160;</p><p style="margin&#58;0px 0px 10px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;text-transform&#58;none;line-height&#58;22px;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;vertical-align&#58;baseline;white-space&#58;normal;orphans&#58;2;widows&#58;2;font-stretch&#58;inherit;background-color&#58;#ffffff;text-decoration-style&#58;initial;text-decoration-color&#58;initial;">The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. &#160;FHFA has produced a<span>&#160;</span><a title="Link goes to an external web page." class="external-link" href="https&#58;//youtu.be/WchnDq5-s_A" target="_blank" style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#276598;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;600;text-decoration&#58;none;vertical-align&#58;baseline;font-stretch&#58;inherit;">video of highlights</a><span>&#160;</span>for this quarter.&#160;</p><p style="margin&#58;0px 0px 10px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;text-transform&#58;none;line-height&#58;22px;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;vertical-align&#58;baseline;white-space&#58;normal;orphans&#58;2;widows&#58;2;font-stretch&#58;inherit;background-color&#58;#ffffff;"><strong style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">Significant Findings</strong></p><ul><li><div style="margin&#58;0px 0px 10px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;text-transform&#58;none;line-height&#58;22px;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;word-spacing&#58;0px;vertical-align&#58;baseline;white-space&#58;normal;orphans&#58;2;widows&#58;2;background-color&#58;#ffffff;">Home prices rose in all 50 states and the District of Columbia between the second quarter of 2017 and the second quarter of 2018. The top five areas in annual appreciation were&#58; 1) Nevada 17.0 percent; 2) Idaho 13.0 percent; 3) District of Columbia 11.8 percent; 4) Utah 11.3 percent; and 5) Washington 11.0 percent. The states showing the smallest annual appreciation were&#58; 1) North Dakota 2.1 percent; 2) Louisiana 2.3 percent; 3) West Virginia 2.3 percent;&#160; 4) Connecticut 2.4 percent; and 5) Alaska 2.6 percent.</div></li><li><div style="margin&#58;0px 0px 10px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;text-transform&#58;none;line-height&#58;22px;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;word-spacing&#58;0px;vertical-align&#58;baseline;white-space&#58;normal;orphans&#58;2;widows&#58;2;background-color&#58;#ffffff;">Home prices rose in 99 of the 100 largest metropolitan areas in the U.S. over the last four quarters. Annual price increases were greatest in Las Vegas-Henderson-Paradise, NV, where prices increased by 18.8 percent. Prices were weakest in El Paso, TX, where they fell by 0.03 percent.</div></li><li><div style="margin&#58;0px 0px 10px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;text-transform&#58;none;line-height&#58;22px;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;word-spacing&#58;0px;vertical-align&#58;baseline;white-space&#58;normal;orphans&#58;2;widows&#58;2;background-color&#58;#ffffff;">Of the nine census divisions, the Mountain division experienced the strongest four-quarter appreciation, posting a 9.5 percent gain between the second quarters of 2017 and 2018 and a 1.9 percent increase in the second quarter of 2018. The Pacific division, which often records the strongest numbers in the country, only had a quarterly appreciation of 0.6 percent, its slowest quarterly increase since 2011. Annual house price appreciation was weakest in the West South Central division, where prices rose 5.0 percent between the second quarters of 2017 and 2018.</div></li></ul><a href="/AboutUs/Reports/Pages"><strong style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">Related News Release</strong></a>8/23/2018 1:00:16 PMHome / About FHFA / Reports / U.S. House Price Index Report - 2Q 2018 House Price Index 4601https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - Second Quarter 201825581<h2 style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040;font-family&#58;lato, sans-serif;font-size&#58;22px;font-weight&#58;900;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;">Second Quarter 2018&#160;Highlights</h2> <ul><li>Total refinance volume decreased in June 2018&#160;as mortgage rates rose in May, continuing a trend first observed in October 2017.&#160; Mortgage rates decreased in June&#58;&#160;the average interest rate on a 30‐year fixed rate mortgage fell to 4.57&#160;percent from 4.59&#160;percent in May.</li></ul><blockquote dir="ltr" style="margin-right&#58;0px;"><p>In the second quarter of 2018&#58;</p></blockquote><ul><ul><li>Borrowers completed 2,973 refinances through HARP, bringing total refinances from the inception of the program to 3,491,140.</li><li>HARP volume represented 1&#160;percent of total refinance volume.</li></ul></ul><blockquote dir="ltr" style="margin-right&#58;0px;"><p>&#160;Year to date through June 2018&#58;</p></blockquote><ul><ul><li>Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 16&#160;percent of the volume of HARP loans.</li><li>Thirty-two 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.</li><li>HARP refinances represented 3&#160;percent of total refinances in Illinois compared to 1 percent of total&#160;refinances nationwide over the same period.</li></ul></ul><ul><li>In June 2018, 3&#160;percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.</li><li>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.</li><li>Ten states&#160;accounted for over 70&#160;percent of the nation's HARP eligible loans with a refinance incentive as of March 31, 2018.</li></ul><p> <a href="/Media/PublicAffairs/Pages/Fannie-Mae-and-Freddie-Mac-Refinance-Volume-Down-in-Second-Quarter-2018.aspx">Related News Release</a></p>8/16/2018 3:30:12 PMHome / About FHFA / Reports / Refinance Report - Second Quarter 2018 Refinance Report 337https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
2018 Dodd-Frank Act Stress Tests Results - Severely Adverse Scenario25542<p style="font-style&#58;normal;"><span style="font-size&#58;inherit;font-family&#58;inherit;font-weight&#58;700 !important;">​​Overview​</span></p><div></div><ul><li>Fannie Mae and Freddie Mac (the “Enterprises”) are required to conduct annual stress tests pursuant to Federal Housing Finance Agency (FHFA) rule 12 CFR § 1238, which implements section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &quot;Dodd-Frank Act&quot;). Section 165(i)(2) of the Dodd-Frank Act requires certain financial companies that have total consolidated assets of more than $10 billion and are regulated by a primary federal financial regulatory agency to conduct annual stress tests to determine whether the companies have the capital necessary to absorb losses as a result of adverse economic conditions. This is the fifth implementation of the Dodd-Frank Act Stress Tests (DFAST) for the Enterprises.<br></li><li>In September 2008, FHFA suspended capital requirements after placing Fannie Mae and Freddie Mac into conservatorships. The Senior Preferred Stock Purchase Agreements that were established between the Department of the Treasury and each Enterprise limit the amount of capital that each Enterprise can hold to a Capital Reserve Amount. Currently the Capital Reserve Amount is $3 billion.<br></li><li>Notwithstanding the capital limits stipulated in the Senior Preferred Stock Purchase Agreements, FHFA requires the Enterprises to conduct DFAST annually in order to provide insight into risk exposure and potential sources of losses in the prescribed conditions. This report provides updated information on possible ranges of future financial results of the Enterprises under severely adverse conditions. The severely adverse conditions assumed are identical for both Enterprises.<br></li><li>The projections reported here are not expected outcomes. They are modeled projections in response to “what if” exercises based on assumptions about Enterprise operations, loan performance, macroeconomic and financial market conditions, and house prices. The projections do not define the full range of possible outcomes. Actual outcomes may be different.<br></li><li>In prior years, the Enterprises applied a standard effective tax rate of 35 percent, consistent with the prevailing corporate tax rate. For the 2018 DFAST reporting cycle the standard effective tax rate was lowered to 21 percent, consistent with the current corporate tax rate under the Tax Cuts and Jobs Act signed into law on December 22, 2017.<br></li><li>The DFAST Severely Adverse scenario is described on page 4. The Enterprises used their respective internal models to project their financial results based on the assumptions provided by FHFA. While this results in a degree of comparability between the Enterprises, it does not eliminate differences in the Enterprises’ respective internal models, accounting differences, or management actions.<br></li></ul><div><br>​<br></div><p style="font-style&#58;normal;"><span style="font-size&#58;inherit;font-family&#58;inherit;font-weight&#58;700 !important;">Summary of Severely Adverse Scenario Results​</span></p><ul><li>The Enterprises had drawn a combined $191.4 billion from the Department of the Treasury under the terms of the Senior Preferred Stock Purchase Agreements (PSPAs), after receiving funds to eliminate the net worth deficits as of December 31, 2017. The combined remaining funding commitment under the PSPAs was $254.1 billion. In the Severely Adverse scenario incremental Treasury draws are projected to range between $42.1 billion and $77.6 billion, depending on the treatment of deferred tax assets. The remaining funding commitment under the PSPAs after these projected draws would be $212.0 billion without establishing valuation allowances on deferred tax assets, or $176.5 billion if both Enterprises established valuation allowances on deferred tax assets.<br></li><li>Important contributors to losses in the Severely Adverse Scenario included the following&#58;<br></li><ul><ul><li>The provision for credit losses was the largest contributor to comprehensive losses at both Enterprises.</li><li>The second largest contributor to comprehensive losses at both Enterprises was the global market shock impact on trading securities and available-for-sale securities.</li><li>Comprehensive losses increased in the 2018 DFAST reporting cycle compared to the 2017 DFAST reporting cycle, mostly driven by the increase in provision for cre​dit losses as a result of the more severe decline in home prices included in the 2018 DFAST Severely Adverse scenario.</li></ul></ul></ul><div>​<br></div><p style="font-style&#58;normal;"><a href="/Media/PublicAffairs/Pages/FHFA-Announces-Results-of-Fannie-Mae-and-Freddie-Mac-Dodd-Frank-Act-Stress-Tests-8-2018.aspx">Related News Release</a>​<br></p>8/7/2018 6:00:33 PMHome / About FHFA / Reports / 2018 Dodd-Frank Act Stress Tests Results - Severely Adverse Scenario Stress 604https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
House Price Index - May 201822513<p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;">The FHFA House Price Index (HPI) reported a&#160;0.2&#160;percent&#160;increase in U.S. house prices in May&#160;from the previous month.&#160; From May&#160;2017 to May&#160;2018, house prices were up 6.4&#160;percent.&#160; For the nine census divisions, seasonally adjusted monthly price changes from April&#160;2018 to May&#160;2018 ranged from -0.6&#160;percent in the East North&#160;Central division to +1.5&#160;percent in the&#160;East South&#160;Central division.&#160; The 12-month changes were all positive, ranging from +4.9&#160;percent in the West South Central&#160;division to +9.1&#160;percent in the Mountain&#160;division.​</p><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;">Monthly index values and appreciation rate estimates for recent periods are provided in the tables and graphs in the attachment.<br></p><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><a href="/Media/PublicAffairs/Pages/House-Price-Index-Up-0pt2-Percent-in-May-2018.aspx">Related News Release</a><br></p>8/4/2018 4:21:23 AMHome / About FHFA / Reports / House Price Index - May 2018 House Price Index From May 2017 to May 2018 1612https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - May 201822666<h2>May 2018 Highlights</h2><blockquote dir="ltr" style="margin-right&#58;0px;"><ul><li><p>Total refinance volume decreased in&#160;May 2018 as mortgage rates rose in April, continuing a trend first observed in October 2017.&#160; Mortgage rates increased in May&#58; the average interest rate on a 30-year fixed rate mortgage rose to 4.59 percent from 4.47 percent in April, reaching levels last observed in 2011.</p></li><blockquote dir="ltr" style="margin-right&#58;0px;"><p>&#160;&#160;&#160; In May 2018&#58;</p></blockquote><ul><ul><li><p>Borrowers completed 1,077 refinances through HARP, bringing total refinances from the inception of the program to 3,490,261.</p></li><li><p>HARP volume represented 1 percent of total refinance volume.</p></li><li><p>Six&#160;percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.</p></li></ul><blockquote dir="ltr" style="margin-right&#58;0px;"><p>Year to date through May 2018&#58;</p></blockquote> <ul><li><p>Borrowers with loan-to-value ratios greater than 105 percent accounted for 16 percent of the volume of HARP loans.</p></li><li><p>Thirty-one 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.</p></li><li><p>HARP refinances represented 3&#160;percent of total refinances in Illinois compared to 1 percent of total refinances nationwide over the same period.</p></li></ul><li><p>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.</p></li></ul></ul></blockquote><ul dir="ltr"><ul><li><p>Nine states and one U.S. territory accounted for over 70 percent of the nation's HARP eligible loans with a refinance incentive as of December 31, 2017.</p></li></ul></ul>7/17/2018 3:00:44 PMHome / About FHFA / Reports / Refinance Report - May 2018 Refinance Report Year to date through May 2018 205https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
House Price Index - April 201822510<p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;">The FHFA House Price Index (HPI) reported a&#160;0.1&#160;percent&#160;increase in U.S. house prices in April&#160;from the previous month.&#160; From April&#160;2017 to April&#160;2018, house prices were up 6.4&#160;percent.&#160; For the nine census divisions, seasonally adjusted monthly price changes from March&#160;2018 to April&#160;2018 ranged from -0.5&#160;percent in the&#160;West South&#160;Central division to +0.6&#160;percent in the&#160;East North&#160;Central division.&#160; The 12-month changes were all positive, ranging from +4.6&#160;percent in the West South Central&#160;division to +8.9&#160;percent in the Mountain&#160;division.​</p><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;">Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs in the attachment.</p><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;400;vertical-align&#58;baseline;font-stretch&#58;inherit;"><font color="#0066cc"><a href="/Media/PublicAffairs/Pages/FHFA-House-Price-Index-Up-0pt1-Percent-in-April-2018.aspx">Related News Release</a></font></p>6/21/2018 1:00:58 PMHome / About FHFA / Reports / House Price Index - April 2018 House Price Index 345https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - April 201822331<div>April 2018 Highlights</div><div><br></div><div>Total refinance volume decreased in April 2018 as mortgage rates rose in March, continuing a trend first observed in October 2017.&#160;&#160;Mortgage rates increased in April&#58; the average interest rate on a 30‐year fixed rate mortgage rose to 4.47 percent from 4.44 percent in March, reaching levels last observed in 2013.</div><div><br></div><div>In April 2018&#58;<br></div><div><ul><li>Borrowers completed 1,017 refinances through HARP, bringing total refinances from the inception of the program to 3,489,182.</li><li>HARP volume represented 1 percent of total refinance volume.</li><li>Three percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.</li></ul></div><div>Year to date through April 2018&#58;&#160;</div><div><ul><li>Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 15 percent of the volume of HARP loans.<br></li><li>Thirty‐three 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.&#160;</li><li>HARP refinances represented 3 percent of total refinances in Illinois compared to 1 percent of total refinances nationwide over the same period.</li></ul></div><div>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.<br></div><div><br></div><div>Nine states and one U.S. territory accounted for over 70 percent of the nation's HARP eligible loans with a refinance incentive as of</div><div>December 31, 2017.<br></div>6/14/2018 3:00:40 PMHome / About FHFA / Reports / Refinance Report - April 2018 Refinance Report 121https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

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