The total number of loans refinanced through the Home Affordable Refinance Program (HARP) in the second quarter was flat compared to the first quarter, according to the Federal Housing Finance Agency (FHFA), overseer of government-sponsored enterprises Fannie Mae and Freddie Mac.
The FHFA's second quarter refinance report indicates that 31,561 HARP refinances were completed in the second quarter compared to 31,648 completed in the first quarter.
More than 3.3 million borrowers have refinanced their homes through HARP since the program was launched in 2009. As of March, roughly 578,000 borrowers nationwide still had a financial incentive to refinance through the program, which is currently scheduled to sunset at the end of 2016, the FHFA says in a press release.
States that have the highest number of borrowers who are eligible for the program include Florida, Ohio, Illinois, Michigan and Georgia, the FHFA says.
The FHFA is continuing its efforts to reach HARP-eligible borrowers through town-hall style events with local community leaders. Upcoming events are planned for Chicago, Atlanta, Detroit, Miami, Newark and Phoenix.
Interestingly, 29% of all HARP refinances for underwater borrowers (those with a loan-to-value ratio greater than 105%) in the first half resulted in 15- and 20-year mortgages, according to FHFA.