Refinance Report - April 2014

Report Highlights

• ​Refinance volume rose slightly in April, ​​​but remained at levels more comparable to those observed in 2008 than in subsequent years. Mortgage rates have ranged between four to four and a half percent since June 2013. In April, the average interest rate on a 30 year fixed rate mortgage remained unchanged from March at 4.34 percent.
• In April 2014, 19,689 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,154,578.
• HARP volume represented 17 percent of total refinance volume in April 2014.
• In April 2014, 10 percent of the loans refinanced through HARP ​had a loan-to-value ratio greater than 125 percent.​