Refinance Report - Second Quarter 2015

Published: 08/27/2015

Second Quarter 2015 Highlights

Refinance volume increased slightly in June 2015 after falling in May. Mortgage rates continued to rise in June: the average interest rate on a 30 year fixed rate mortgage reached 3.98 percent.
In the second quarter of 2015, 31,561 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,333,654.
HARP volume represented 5 percent of total refinance volume in the second quarter of 2015.
Year to date through June 2015, borrowers with loan‐to‐value ratios greater than 105 percent accounted for 24 percent of the volume of HARP loans.
In June 2015, 7 percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.
Year to date through June 2015, 29 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 2015, HARP refinances represented 13 or more percent of total refinances in Florida and Georgia, more than double the 5 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. Related News Release