HARP hits 2 million refinances
Fannie Mae and Freddie Mac reached a milestone in refinancing more than 2 million loans through the Home Affordable Refinance Program, according to the Federal Housing Finance Agency.
The November 2012 Refinance Report noted that nearly 130,000 homeowners refinanced their mortgage through HARP, making it the second biggest month in 2012, noted the FHFA.
Click on the chart to view HARP refi volume.
Between January and November of 2012, nearly 1 million loans were refinanced through HARP, which is more refis than any year since HARP was established in 2009.
The consistent high volume of HARP refis is due to record low mortgage rates as well as program implementations in 2012, FHFA stated.
HARP volume represented 23% of total refi volume in November. Additionally, 46% of the loans refinanced through HARP had loan-to-value ratios greater than 125%.
Click on the graph to view HARP LTV ratios.
In November, HARP refis accounted for 68% of total refinances in Nevada, almost tripling the 23% of total refinances nationwide. Similarly, in Florida, HARP refinances represented 56% of total refis, more than doubling the HARP volume nationally.
FHFA noted that a data reporting change to provide consistency between both government-sponsored enterprises results were incorporated, adding 160,000 loans to the total HARP volume.
Both GSEs provide more than $5.7 trillion in funding for mortgage markets and financial institutions.