From FHFA’s report last week:
Total refinance volume increased in September 2016 as mortgage rates in August hovered at lows last observed in 2013. Mortgage rates increased in September: the average interest rate on a 30‐year fixed rate mortgage was 3.46 percent.
In the third quarter of 2016:
- Borrowers completed 15,597 refinances through HARP, bringing total refinances from the inception of the program to 3,434,451.
- HARP volume represented 2 percent of total refinance volume.
- Six percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
Year to date through September 2016:
- Borrowers with loan-to-value ratios greater than 105 percent accounted for 21 percent of the volume fo HARP loans.
- Twenty-six percent of HARP refinances for underwater borrowers were for shorter-term 15-and 20-year mortgages, which build equity faster than traditional 30-year mortgages.
- Harp refinances represented 8 or more percent of total refinances in Florida and Georgia, more than double the 3 percent of total refinances nationwide over the same period.
Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.
Ten states accounted for over 60 percent of the nation’s HARP eligible loans with a refinance incentive as of June 30, 2016.
You can read and download their official report, with all of its graphs and charts, on their website.