HARP Market Share Dropped 18.5% in October, Despite Record Low Rates

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Posted To: MND NewsWire

The share of mortgages refinanced by Freddie Mac and Fannie Mae through the Home Affordable Refinancing Program (HARP) dropped to 18.5 percent in October from 21 percent in September. Out of a total loan volume of 441,017 transactions completed by the two government sponsored enterprises (GSEs) during the month, 81,613 were HARP loans. This was a 9000+ decrease in HARP refinancing despite the fact that all overall refinancing, bolstered by new record low mortgage interest rates , increased by about 10,000 loans month-over-month. HARP was specifically designed to assist underwater homeowners to refinance. They must have a loan-to-value ratio (LTV) of at least 80 percent to qualify for the program and there is no upper LTV limit. Through October, 790,619 refinances have been completed through...(read more)

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Source: www.mortgagenewsdaily.com

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