Refinance Report - Second Quarter 2014

Second Quarter 2014 Highlights

• Refinance volume increased slightly in June, 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 June, the average interest rate on a 30 year fixed rate mortgage decreased fr​​om May to 4.16 percent.​
• In the second quarter of 2014, 54,041 refinances were completed through HARP, bringing the total refinances th​​​rough HARP from the inception of the program to 3,188,926.
• HARP volume​​​​ represented 16 percent of total refinance volume in the second quarter of 2014.
• In June 2014, 9​ percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
• Year to date through Ju​​ne 2014, borrowers with loan-to-value ratios greater than 105 percent accounted for 29 percent of the volume of HARP loans.
• Year to date through June 2014, 25 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 June 2014, HARP refinances represented 37 percent of total refinances in Georgia and 35 perc​​ent in Florida, nearly double the ​18 percent of total refinances nationwide over the same period.
• Borro​​wers who refina​nced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.​​

Report News Release: "Refinances Tick Up in June"​​ (8/20/2014)