This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
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1.
Operate the business in a safe and sound manner.
2.
Promote sustainable and equitable access to affordable housing.
2023 Scorecard
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
Source: FHFA
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Washington, D.C. – The Federal Housing Finance Agency (FHFA) today reported that the total number of loans refinanced through the Home Affordable Refinance Program (HARP) in the third quarter declined compared to HARP refinances in the prior quarter. FHFA's third quarter Refinance Report indicates that 25,824 HARP refinances were completed between July and September, down from the 31,561 HARP refinances completed from April through June.
More than 3.3 million borrowers have refinanced their homes through HARP since the program began in 2009, and FHFA estimates that, as of June, more than 429,000 borrowers nationwide still have a financial incentive to refinance through the program. The top five states with the highest numbers of "in-the-money" borrowers that remain eligible for a HARP refinance are Florida, Ohio, Illinois, Michigan and Georgia.
Borrowers are considered "in-the-money" if they meet the basic HARP eligibility requirements, have a remaining mortgage balance of $50,000 or more, have a remaining term of greater than 10 years, and an interest rate at least 1.5 percent higher than current market rates. Nationwide, these borrowers could save, on average, as much as $200 per month on their mortgage payments, or $2,400 per year. See the U.S. map showing the number of HARP-eligible borrowers by Metropolitan Statistical Area, county and zip code.
FHFA is continuing its efforts to reach HARP-eligible borrowers and has held town-hall style events with local community leaders in Chicago, Atlanta, Detroit, Miami, Newark and Phoenix to get the word out about HARP. Earlier this month FHFA partnered with the Ohio Housing Finance Agency to host a webinar designed to raise awareness about HARP among community leaders in that state. HARP will sunset on December 31, 2016.
Also in the third quarter Refinance Report:
Link to Refinance Report
Link to HARP.gov
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Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030Consumers: Consumer Communications or (202) 649-3811