Refinance Report - February 2014

​​February 2014 Highlights

This report contains data on refinance program activity of Fannie Mae and Freddie Mac (the Enterprises) through February 2014.

• Refinance volume decreased again in February as mortgage rates ranged between four to four and a half percent since June 2013. In February, mortgage rates decreased: the average interest rate on a 30 year fixed rate mortgage fell to 4.30 percent.​​
• In February 2014, 26,964 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,114,897.
• HARP volume represented 21 percent of total refinance volume in February.
• In February 2014, 12 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
• In February, borrowers with ​​loan-to-value ratios greater than 105 HARP loans.
• Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.
• In February 2014, 23 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.
• In February 2014, HARP refinances represented 42 percent of total refinances in Georgia and 38 percent in Florida, nearly double the 21 percent of total refinances nationwide over the same period.​