This report provides monthly data and analysis on mortgage rates, refinance volume, and Home Affordable Refinance Program (HARP) volume by state, LTV buckets and other measures.
Report Highlights
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Refinance volume decreased in October as mortgage rates rose in the preceding months. However, in October, mortgage rates decreased: the average interest rate on a 30 year fixed rate mortgage reached 4.19 percent.
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In October 2013, 46,387 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 2,989,204.
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HARP volume represented 24 percent of total refinance volume during the month, and 14 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
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Year-to-date through October 2013, borrowers with loan-to-value ratios greater than 105 percent accounted for 41 percent of the volume of HARP loans.
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Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.
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Year-to-date through October 2013, 19 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.
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Year-to-date through October 2013, HARP refinances represented 56 percent of total refinances in Nevada and 49 percent in Florida, more than double the 22 percent of total refinances nationwide over the same period.