FHFA: HARP Refinances Fall in First Quarter

More than 429,000 borrowers refinanced their Fannie Mae or Freddie Mac mortgage loans in the first quarter, with 19,989 refinanced through the Home Affordable Refinance Program, the Federal Housing Finance Agency said today. HARP refinances dropped by more than 1,000 since the fourth quarter of 2015.

Six percent of March’s 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 10 or more percent of total refinances, double the national average of 5 percent. Fannie and Freddie have refinanced more than 22 million loans since 2009, with more than 3.4 million done through HARP, the report showed.