Refinance Report - Third Quarter 2015

• Refinance volume decreased in September 2015 as mortgage rates remained at levels above those observed in the first quarter. Mortgage rates fell in September: the average interest rate on a 30 year fixed rate mortgage dropped to 3.89 percent.
• In the third quarter of 2015, 25,824 refinances were completed through HARP, bringing total refinances through HARP from the inception of the program to 3,359,471.
• HARP volume represented 5 percent of total refinance volume in the third quarter of 2015.
• Year to date through September 2015, borrowers with loan‐to‐value ratios greater than 105 percent accounted for 24 percent of the volume of HARP loans.
• In September 2015, 8 percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.
• Year to date through September 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 September 2015, HARP refinances represented 12 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. 

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