Fannie Mae and Freddie Mac completed 253,135 refinances during the third quarter, according to new data from the Federal Housing Finance Agency (FHFA
). This is lower than the 299,460 refinances completed by the government-sponsored enterprises (GSEs) in the second quarter.
The FHFA also reported that 1,865 loans were refinanced through the Home Affordable Refinance Program (HARP), bringing the total number of HARP refinances to 3.49 million since the program launched in 2009. The FHFA added that borrowers who refinanced through HARP had a lower delinquency rate compared with HARP-eligible borrowers who did not use the program.
HARP is scheduled to end on Dec. 31, and the FHFA said 38,818 borrowers were still eligible for a HARP refinance.