Approximately 510,000 refinances were completed in the first quarter, according to new data from the Federal Housing Finance Agency (FHFA)
. This represents a decline from the more than 750,767 refinances that were in the fourth quarter of 2016.
The FHFA's is also reporting that three percent—or 13,425—of the mortgages refinanced in the first quarter were through the Home Affordable Refinance Program (HARP); 137,594 borrowers were still eligible for a HARP refinance as of the fourth quarter of 2016.
Ten states accounted for over 60 percent of the nation's HARP eligible loans with a refinance incentive as the end of 2016, the FHFA added.