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 fell slightly in May 2013 as mortgage rates remained slightly above record low levels.
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HARP volume represented 20 percent of total refinance volume in May.
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In May 2013, 84,648 refinances were completed through HARP, bringing the total refinances through HARP from the inception[1] of the program to 2,650,899.
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In May 2013, 19 percent of the loans refinanced through HARP were at a loan-to-value ratio greater than 125 percent.
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Year to date through May 2013, borrowers with loan-to-value ratios greater than 105 percent accounted for 44 percent of the volume of HARP loans.
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Year to date through May 2013, 18 percent of Overview and Eligibility of the Home 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 May 2013, HARP refinances represented 60 percent of total refinances in Nevada and 51 percent in Florida, more than double the 21 percent of total refinances nationwide over the same period.
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Year to date through May 2013, underwater borrowers represented 62 percent or more of HARP volume in Nevada, Arizona and Florida.
[1] Inception - April 1, 2009