Refinance Report - May 2014

May 2014 Highlights

• ​Refinance volume fell slightly in May, and 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 May, the average interest rate on a 30 year fixed rate mortgage decreased from April to 4.19 percent.
• In May 2014, 16,565 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,171,138.
• HARP volume represented 15 percent of total refinance volume in May 2014.
• In May 2014, 10 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.