HARP Refinances Total 3.38 Million Through the Fourth Quarter
February 17, 2016
- Total refinance volume fell slightly in December 2015 as mortgage rates hovered just below four percent over the previous four months. Mortgage rates rose in December: the average interest rate on a 30?year fixed rate mortgage increased to 3.96 percent from 3.94 percent in November.
- In the fourth quarter of 2015, 21,079 refinances were completed through HARP, bringing total refinances through HARP from the inception of the program to 3,380,558.?
- HARP volume represented 5 percent of total refinance volume in the fourth quarter of 2015.
- Year to date through December 2015, borrowers with loan?to?value ratios greater than 105 percent accounted for 24 percent of the volume of HARP loans.
- In December 2015, 7 percent of the loans refinanced through HARP had a loan?to?value ratio greater than 125 percent.
- Year to date through December 2015, 28 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.
- Year to date through December 2015, HARP refinances represented 12 or more percent of total refinances in Florida and Georgia, more than double the 5 percent of total refinances nationwide over the same period.
- Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.?
Related News Release?
Attachments: Refinance Report – Fourth Quarter 2015