Refinance volume continued to drop in February, the latest Federal Housing Finance Agency refinance report showed.

For the month of February, there were 6,424 refinances through the Home Affordable Refinance Program, bringing the total refinances from the beginning of the program to 3,393,217.

According to the new report, HARP volume represented 5% of total refinance volume in February.

When taking a look at year-to-date figures through February, borrowers with LTV ratios above 105% represented 23% of the HARP loan volume. In the same time period, 25% of HARP refinances for underwater borrowers were for 15- and 20- year mortgages, indicating a quick pace of equity growth for homebuyers.

In Florida and Georgia, HARP refinances represented 10% or more of total refinances. 

Since Sept. 30, 2015, 10 states accounted for over 60% of the nation's HARP eligible loans with a refinance incentive.

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FHFA Refinance Volume

Source: FHFA