- Total refinance volume in January 2019 was similar to December as mortgage rates fell in December after rising in previous months. Mortgage rates decreased in January: the average interest rate on a 30‐year fixed rate mortgage fell to 4.46 percent from 4.64 percent in December.
In January 2019:
- Borrowers completed 438 refinances through HARP, bringing total refinances from the inception of the program to 3,494,833.
- HARP volume represented 1 percent of total refinance volume.
- Five percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.
- Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 21 percent of the volume of HARP loans.
- Thirty-one 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 2 percent of total refinances in Illinois compared to 1 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.
- Nine states and one territory accounted for over 70 percent of the nation’s HARP eligible loans with a refinance incentive as of June 30, 2018.