Record Low Mortgage Rates Contribute to Strong HARP Volume Report Includes State-Level HARP Data

Record Low Mortgage Rates Contribute to Strong HARP Volume Report Includes State-Level HARP Data

Washington, D.C. – December 20, 2012 – (RealEstateRama) — The Federal Housing Finance Agency (FHFA) today released its October Refinance Report, which shows that Fannie Mae and Freddie Mac have refinanced more than 1.8 million loans through the Home Affordable Refinance Program (HARP) since the program began in 2009. In October, more than 81,000 homeowners refinanced their mortgage through HARP and 790,619 loans have been refinanced through HARP between January and October. The continued high volume of HARP refinances is attributed to record-low mortgage rates and program enhancements announced last year.

Also in the report:

? In October, 45 percent of the loans refinanced through HARP had loan-to-value (LTV) ratios greater than 105 percent and nearly one-fourth had LTVs greater than 125 percent.

? In October, nearly 20 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which help build equity faster than 30-year mortgages.

? Year-to-date through October, HARP refinances represented approximately half of total refinances in Arizona and Nevada, and 60 percent of total refinances in Florida – more than double the 19 percent of total HARP refinances nationwide.

? Also year-to-date through October, HARP refinances for borrowers with LTV ratios greater than 105 percent accounted for two-thirds of HARP volume in Arizona and Florida, and 79 percent of HARP volume in Florida.

Link to Refinance Report


The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.
These government-sponsored enterprises provide more than $5.7 trillion

Corinne Russell (202) 649-3032
Stefanie Johnson (202) 649-3030


The Federal Housing Finance Agency (FHFA) was created on July 30, 2008, when the President signed into law the Housing and Economic Recovery Act of 2008.  The Act created a world-class, empowered regulator with all of the authorities necessary to oversee vital components of our country’s secondary mortgage markets – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.  In addition, this law combined the staffs of the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD).


1700 G Street, NW
4th Floor
Washington, DC 20552
Phone: (866) 796-5595

Corinne Russell
(202) 414-6921
Stefanie Mullin
(202) 414-6376

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