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
-
Refinance volume continued to decrease in August after mortgage rates rose in July. Mortgage rates continued to rise in August: the average interest rate on a 30 year fixed rate mortgage reached 4.46 percent.
-
In August 2013, 68,340 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 2,886,856.
-
HARP volume reached 23 percent of total refinance volume during the month, and 17 percent of the loans refinanced through HARP were at a loan-to-value ratio greater than 125 percent.
-
Year-to-date through August 2013,, borrowers wit h loan-to-value ratios greater than105 percent accounted for 42 percent of the volume of HARP loans.
-
Year-to-date through August 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.
-
Year-to-date through August 2013, HARP refinances represented 57 percent of total refinances in Nevada and 50 percent in Florida, more than double the 22 percent of total refinances nationwide over the same period.