The Federal Housing Finance Agency (FHFA) recently reported that 15,597 borrowers refinanced their mortgages through the Home Affordable Refinance Program (HARP) from July through September. FHFA's third quarter Refinance Report also shows that while total refinance volume increased in September, as mortgage interest rates hovered at lows last seen in 2013, HARP refinances represented 2 percent of total refinances. Total HARP refinances now stand at 3,434,451.
According to new data, 242,512 borrowers are still eligible for HARP as of the second quarter of 2016. These borrowers meet the basic HARP eligibility requirements, have a remaining balance of $50,000 or more on their mortgage, have a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates. These borrowers could save, on average, $2,400 per year by refinancing their mortgage through HARP.