​July 2014 Highlights

• Refinance volume in July was similar to the volume in June and comparable to levels in 2008. Mortgage rates have ranged
  between four and four and a half percent since June 2013. In July, the average interest rate on a 30 year fixed rate mortgage decreased from June to 4.13 percent.

 

• In July 2014, 15,671 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,204,597.

 

• HARP volume represented 13 percent of total refinance volume in July 2014.

 

• In July 2014, 9 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.

 

• Year to date through July 2014, borrowers with loan-to-value ratios greater than 105 percent accounted for 28 percent of the volume of HARP loans.

 

• Year to date through July 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 July 2014, HARP refinances represented 36 percent of total refinances in Georgia and 35 percent in Florida, nearly double the 18 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.