The Federal Housing Finance Agency (FHFA) released its October Refinance Report, which shows that Fannie Mae and Freddie Mac have refinanced more than 1.8 million loans through the Home Affordable Refinance Program (HARP) since the program began in 2009. In October, more than 81,000 homeowners refinanced their mortgage through HARP and 790,619 loans have been refinanced through HARP between January and October. The continued high volume of HARP refinances is attributed to record-low mortgage rates and program enhancements announced last year.
Additional findings in the FHFA's October Refinance Report include:
►In October, 45 percent of the loans refinanced through HARP had loan-to-value (LTV) ratios greater than 105 percent and nearly one-fourth had LTVs greater than 125 percent.
►In October, nearly 20 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which help build equity faster than 30-year mortgages.
►Year-to-date through October, HARP refinances represented approximately half of total refinances in Arizona and Nevada, and 60 percent of total refinances in Florida—more
than double the 19 percent of total HARP refinances nationwide.
►Also year-to-date through October, HARP refinances for borrowers with LTV ratios greater than 105 percent accounted for two-thirds of HARP volume in Arizona and Florida, and 79 percent of HARP volume in Florida.