More than 510,000 borrowers refinanced their Fannie Mae or Freddie Mac mortgage loans in the first quarter, with 13,425 refinanced through the Home Affordable Refinance Program, the Federal Housing Finance Agency said today. HARP refinances dropped by one third since the prior quarter.
Nineteen percent of first-quarter loans refinanced through HARP had a loan-to-value ratio greater than 105 percent. In Nevada and Florida, first-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 25 million loans since 2009, with more than 3.46 million done through HARP, the report showed.