FHFA: HARP Refinances Continue to Decline

More than 626,000 borrowers refinanced their Fannie Mae or Freddie Mac mortgage loans in the third quarter, with 15,597 refinanced through the Home Affordable Refinance Program, the Federal Housing Finance Agency said today. HARP refinances dropped by more than 10,000 since the third quarter of 2015.

Six percent of third-quarter loans refinanced through HARP had a loan-to-value ratio greater than 125 percent. In Florida and Georgia, fourth quarter HARP refinances accounted for at least 8 or more percent of total refinances, double the national average of 3 percent. Fannie and Freddie have refinanced more than 24 million loans since 2009, with more than 3.4 million done through HARP, the report showed.

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