FHFA: HARP Refinances Decline as Rates Climb

More than 750,000 borrowers refinanced their Fannie Mae or Freddie Mac mortgage loans in the fourth quarter, with 13,220 refinanced through the Home Affordable Refinance Program, the Federal Housing Finance Agency said yesterday. HARP refinances dropped by 2,000 since the prior quarter.

Seven percent of third-quarter loans refinanced through HARP had a loan-to-value ratio greater than 125 percent. In Nevada, Florida and Georgia, fourth-quarter HARP refinances accounted for at least 6 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.