HARP refis down in Q3

by MPA17 Dec 2013
Total refinance volume, including refinancing through the Home Affordable refinance Program (HARP) was down in the third quarter as mortgage rates rose, according to data released Tuesday by the Federal Housing Finance Agency.

HARP refinancing accounted for about 23% of total refinance volume in the third quarter, according to the FHFA. Borrowers with loan-to-value ratios greater than 105% accounted for 36% of HARP loans, and deeply underwater borrowers – those with LTZV ratios greater than 125% -- accounted for 16% of HARP loan volume in Q3.

HARP loans accounted for a significant portion of total refinancing volume in some states. In Nevada, HARP accounted for 57% of total refinancing volume. In Florida, HARP loans accounted for 49% of total refinancing.

More than 2.9 million homeowners have refinanced through HARP since the program began in 2009, according to the FHFA.
 

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