Refinance volume dropped in January despite mortgage rates continuing to drop from the highs witnessed in late 2013, the latest Federal Housing Finance Agency refinance report showed.

There were 10,591 refinances completed through the Home Affordable Refinance Program in January, bringing the total refinances since the start of the program to 3,281,045.

HARP was created in 2009 to assist homeowners unable to access a refinance due to a decline in their home value and is set to expire on Dec. 31, 2015.

According to the new report, HARP volume represented 7% of total refinance volume in January 2015.

Freddie Mac’s latest Primary Mortgage Market survey said the 30-year, fixed-rate mortgage averaged 3.78% for the week ended March 19, down from the prior week’s average of 3.86%. This is also down from 4.32% a year ago.

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Source: FHFA