This report provides monthly data and analysis on mortgage rates, refinance volume, and Home Affordable Refinance Program (HARP) volume by state, LTV buckets and other measures.
July 2013 Highlights
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Refinance volume continued to decrease in July after mortgage rates rose in June. Mortgage rates continued to rise in July, reaching 4.37 percent.
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In July 2013, 79,261 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 2,818,535.
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HARP volume reached 22 percent of total refinance volume during the month, and 17 percent of the loans refinanced through HARP were at a loan-to-value ratio greater than 125 percent.
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Year-to-date through July 2013, borrowers with loan-to-value ratios greater than 105 percent accounted for 42 percent of the volume of HARP loans.
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Year-to-date through July 2013, 19 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.
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Year-to-date through July 2013, HARP refinances represented 58 percent of total refinances in Nevada and 50 percent in Florida, more than double the 22 percent of total refinances nationwide over the same period.