More than 495,000 borrowers refinanced their Fannie Mae or Freddie Mac mortgage loans in the third quarter, with 25,824 refinanced through the Home Affordable Refinance Program, the Federal Housing Finance Agency said today. HARP refinances dropped by more than 5,700 since the second quarter.
Eight percent of September’s loans refinanced through HARP had a loan-to-value ratio greater than 125 percent. In Florida and Georgia, third quarter HARP refinances accounted for at least 12 or more percent of total refinances, more than double the national average of 5 percent. Fannie and Freddie have refinanced more than 22 million loans since 2009, with more than 3.3 million done through HARP, the report showed.