The total volume of home refinances decreased slightly in the second quarter of 2013 and refinances through the Home Affordable Refinance Program (HARP) also declined somewhat, according to the Federal Housing Finance Agency’s Second Quarter 2013 Refinance Report. Total refinance volume was just below 1.3 million while HARP refinances stood at close to 280,000. This marks the third straight quarter in which HARP refinances have declined, but refinances through the program remain well above average levels prior to program enhancements last year. To date, more than 2.7 million refinances have now been completed through HARP since the program began in April 2009. Also in the second quarter 2013 report: ►HARP volume represented approximately 22 percent of total refinance volume in the second quarter. ►The number of completed HARP refinances for deeply underwater borrowers – those with loan-to-value (LTV) ratios greater than 125 percent -- continued to represent a significant portion of total HARP volume. Nineteen percent of the loans refinanced through HARP in the second quarter had the higher LTVs. ►Through the second quarter, borrowers with LTV ratios greater than 105 percent accounted for 43 percent of the volume of HARP loans. ►Through the second quarter, 18 percent of HARP refinances for underwater borrowers were for 15- and 20-year mortgages, which build equity faster than traditional 30-year mortgages. ►HARP continued to account for a substantial portion of total refinance volume in certain states. Through the second quarter, HARP refinances represented 59 percent of total refinances in Nevada and 50 percent of total refinances in Florida, more than double the 21 percent of total refinances nationwide over the same period.