by Michael Dey | Aug 29, 2017 | Uncategorized
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.
by Michael Dey | Jul 25, 2013 | Uncategorized
Refinance volume dipped slightly in May from the prior month but remained strong as mortgage rates stayed just above record low levels, according to the Federal Housing Finance Agency’s May 2013 Refinance Report. More than 418,000 refinances took place in May, with nearly 85,000 completed through the Home Affordable Refinance Program (HARP). More than 2.6 million refinances have now been completed through HARP since the program began in April 2009.
Also in the May 2013 report:
- HARP volume represented 20 percent of total refinance volume in May.
- Borrowers with loan-to-value (LTV) ratios greater than 105 percent accounted for 44 percent of the volume of HARP loans through May.
- The number of completed HARP refinances for deeply underwater borrowers continued to represent a significant portion of total HARP volume. In May 2013, 19 percent of the loans refinanced through HARP had a LTV ratio greater than 125 percent.
- Year-to-date through May, eighteen percent of HARP refinances for underwater borrowers were for 15- and 20-year mortgages.
- Year-to-date through May, HARP refinances represented 60 percent of total refinances in Nevada and 51 percent of total refinances in Florida, more than double the 21 percent of total refinances nationwide over the same period.
- The top five states with the highest number of HARP loans since the inception of the program through May include: California (368,905), Florida (235,223), Michigan (178,035), Illinois (175,521), and Arizona (130,894).
To read the complete Refinance Report at FHFA.gov, click here.
by Michael Dey | Jun 12, 2013 | Uncategorized
The Federal Housing Finance Agency (FHFA) today released its March 2013 Refinance Report, which shows that refinance volumes remained high as mortgage rates rose slightly but stayed near historic low levels. Nearly 462,000 refinances took place in March, with nearly 100,000 completed through the Home Affordable Refinance Program (HARP). This brings the number of total HARP refinances to more than 2.4 million since the program’s inception in April 2009.
In the first quarter of 2013, there were nearly 1.4 million refinances on Fannie Mae and Freddie Mac loans. Close to 300,000 or roughly 22 percent of those refinances were through HARP. The pace of HARP refinances through the first quarter strongly mirrors the fourth quarter of 2012, when HARP refinances constituted 22 percent of total refinances.
Also in the March 2013 report:
- Borrowers with loan-to-value (LTV) ratios greater than 105 percent accounted for 45 percent of the volume of HARP loans through the first quarter.
- The number of completed HARP refinances for deeply underwater borrowers continued to represent a significant portion of total HARP volume. In March, 22 percent of the loans refinanced through HARP had a LTV ratio greater than 125 percent.
- Year to date, HARP refinances represented 63 percent of total refinances in Nevada and 53 percent of total refinances in Florida.
- Through March, underwater borrowers represented 64 percent or more of total HARP volume in Nevada, Arizona and Florida.
- Also in March, 17 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.
- From the inception of HARP through the first quarter, the total number of HARP loans by state include: California (343,303), Florida (212,755), Michigan (164,866), Illinois (164,492), and Arizona (121,989).
Read the complete Refinance Report at FHFA.gov by clicking here.
by Michael Dey | May 7, 2013 | Uncategorized
Low Mortgage Rates Contribute to HARP Success
The Federal Housing Finance Agency (FHFA) today released its February 2013 Refinance Report, which shows that refinance volumes remained high as mortgage rates hovered near historic low levels. More than 463,000 refinances took place in February, with 97,738 completed through the Home Affordable Refinance Program (HARP). This brings the number of total HARP refinances to more than 2.3 million since the program’s inception in April 2009.
FHFA recently announced it has extended HARP for two more years and will soon launch a nationwide campaign to educate and encourage homeowners to learn about HARP eligibility requirements. HARP was set to expire Dec. 31 of this year.
Also in the February 2013 report:
- Borrowers with loan-to-value (LTV) ratios greater than 105 percent accounted for 45percent of the volume of HARP loans.
- The number of completed HARP refinances for deeply underwater borrowers continued to represent a significant portion of total HARP volume. In February, 22 percent of the loans refinanced through HARP had a LTV ratio greater than 125 percent.
- Through February, underwater borrowers represented 65 percent or more of total HARP volume in Nevada, Arizona and Florida.
- Also in February, 18 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.
- The total number of HARP loans by state include: California (329,707), Florida (200,332), Illinois (158,822), Michigan (158,462), and Arizona (117,149).
Link to Refinance Report
Link to FHFA announcement: HARP Extended to 2015
by Michael Dey | Apr 19, 2013 | Uncategorized
Underwater Borrowers Continue to Benefit from HARP
The Federal Housing Finance Agency (FHFA) today released its January 2013 Refinance Report, which shows that refinance volume remained high through the first month of this year. There were nearly 470,000 refinances in January, with roughly 97,600 completed through the Home Affordable Refinance Program (HARP). This brings total HARP refinances to more than 2.2 millionsince the program’s inception in April 2009.
Also in the January 2013 report:
- Borrowers in January with loan-to-value ratios greater than 105 percent accounted for 47 percent of the HARP refinance volume.
- The number of completed HARP refinances for deeply underwater borrowers continued to represent a significant portion of total HARP volume. In January, 25 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
- HARP continued to account for a substantial portion of total refinance volume in certain states. In January, 66 percent of total refinances in Nevada and 56 percent of total refinances in Florida were through HARP.
- Also in January, 18 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.
Click here to read the Refinance Report at FHFA.gov.
