FHFA: Refinance Volume Continued to Slow in First Quarter
May 16, 2017
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today reported that just over 510,000 refinances were completed in the first quarter of 2017, compared to more than 750,767 in the fourth quarter of 2016. FHFA’s first quarter Refinance Report also shows that 3 percent or 13,425 of the mortgages refinanced from January through March were through the Home Affordable Refinance Program (HARP). Total HARP refinances now stand at 3,461,096 since inception of the program in 2009.
According to new data released today, 137,594 borrowers could still benefit financially from a HARP refinance as of the fourth quarter of 2016. See the new, updated U.S. map showing the number of HARP-eligible borrowers by state, Metropolitan Statistical Area, county and zip code. 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.
Also in the Refinance Report:
- Total refinance volume fell in March as mortgage rates remained above the levels observed in 2016.
- Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.
- Ten states accounted for over 60 percent of the nation’s HARP eligible loans with a refinance incentive as of December 31, 2016.
Link to Refinance Report
Link to HARP.gov
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.8 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube and LinkedIn.
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811