Refinance Report - April 2015

April 2015 Highlights

• Refinance volume increased in April 2015 as mortgage rates remained near 20 month lows in March.
• On May 8, 2015, HARP was extended an additional year, to expire December 31, 2016.
• In April 2015, 11,716 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,313,818.
• HARP volume represented 5 percent of total refinance volume in April 2015.
• Year to date through April 2015, borrowers with loan-to-value ratios greater than 105 percent accounted for 24 percent of the volume of HARP loans.
• In April 2015, 7 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
• Year to date through April 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 April 2015, HARP refinances represented 13 percent or more 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.