More than 616,000 borrowers in the second quarter refinanced their Fannie Mae or Freddie Mac mortgage loans, with about 31,000 of those happening through the Home Affordable Refinance Program, the Federal Housing Finance Agency said today. HARP refinances in the second quarter were down slightly from the previous quarter, dropping by less than 1,000.
Seven percent of June’s loans refinanced through HARP had a loan-to-value ratio greater than 125 percent. In Georgia and Florida, second-quarter HARP refinances accounted for at least 13 percent of total refinances, more than double the national average of 5 percent. The refinance report shows that Fannie and Freddie have refinanced more than 21 million loans since 2009, including more than 3.3 million through HARP.