Rates have continued to put pressure on refinancing, with volumes dipping slightly in the second quarter.
The FHFA's Refinance Report has indicated that total refinance volume for the second quarter dipped to just below 1.3m, down from nearly 1.4m in the first quarter of the year.
Refinancing through the government's HARP program also dropped, falling from close to 300,000 in the first quarter to just under 280,000.
"This marks the third straight quarter in which HARP refinances have declined, but refinances through the program remain well above average levels prior to program enhancements last year," the FHFA said.
The study also found that deeply underwater borrowers still accounded for a significant proportion of total HARP refinancing volume. Borrowers with LTV ratios above 125% represented 19% of HARP refinances in the second quarter. Those with LTV ratios higher than 105% accounted for 43% of HARP volumes.
While HARP loans accounted for 22% of refinancing volumes nationwide, states hard hit by the housing crisis continued to see the lion's share of their refinancing volume through HARP. HARP loans represented 59% of total refinances in Nevada, and 50% of total refinances in Florida.