Refinance Report - February 2015

February 2015 Highlights

• Refinance volume increased in February 2015 as mortgage rates fell to 20 month lows in January.
• In February 2015, 10,673 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,291,718.
• HARP volume represented 6 percent of total refinance volume in February 2015.
• Year to date through February 2015, borrowers with loan-to-value ratios greater than 105 percent accounted for 24 percent of the volume of HARP loans.
• In February 2015, 8 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
• Year to date through February 2015, 28 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 February 2015, HARP refinances represented 15 percent of total refinances in Florida and Georgia,
  more than double the 6 percent of total refinances nationwide over the same period.
• Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.