The Federal Housing Finance Agency (FHFA) reported this week that more than 356,709 refinances were completed in the second quarter of 2017, compared with 510,074 in the first quarter. FHFA’s second quarter Refinance Report also shows that more than 9,700 loans were refinanced through the Home Affordable Refinance Program, bringing the total number of HARP refinances to 3,470,804 since inception of the program in 2009.
According to new data released today, 143,051 borrowers could still benefit financially from a HARP refinance as of March 31, 2017. These borrowers meet the basic HARP eligibility requirements, have a remaining balance of $50,000 or more on their mortgage, have a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates. These borrowers could save, on average, $2,400 per year by refinancing their mortgage through HARP.
Click here to view a U.S. map showing the number of HARP-eligible borrowers by state, Metropolitan Statistical Area, county and zip code. Of interest: only 60 loans are eligible in the Greater Greenville area, while nearly 1,000 loans are eligible in the Columbia area.
Also in the Refinance Report:
- Through the second quarter of 2017, 25 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which build equity faster than traditional 30-year mortgages.
- Nine states and one U.S. territory accounted for more than 60 percent of borrowers who remain eligible for HARP and have a financial incentive to refinance: Illinois, Florida, Michigan, Ohio, Puerto Rico, New Jersey, Georgia, Pennsylvania, Maryland and New York.
- Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.