The number of loans refinanced through the Home Affordable Refinance Program (HARP) through the fourth quarter totaled 3,380,558 since the inception of the program in 2009. Federal Housing Finance Agency’s (FHFA) fourth quarter Refinance Report shows that 21,079 HARP refinances were completed between September and December.
FHFA estimates that as of third quarter 2015, more than 367,600 borrowers nationwide still have a financial incentive to refinance through HARP before the program expires in December 2016.  FHFA is starting a social media campaign, #HARPNow, focusing outreach efforts on the top 10 states with the highest numbers of “in-the-money” borrowers that remain eligible for a HARP refinance:  Florida, Illinois, Michigan, Ohio, Georgia, California, Pennsylvania, New Jersey, New York and Maryland.
Borrowers are considered “in-the-money” if they meet the basic HARP eligibility requirements, have a remaining mortgage balance of $50,000 or more, have a remaining term of greater than 10 years, and an interest rate at least 1.5 percent higher than current market rates.
Nationwide, these borrowers could save, on average, as much as $200 per month on their mortgage payments, or $2,400 per year.  See the new, updated U.S. Map​ showing the number of HARP-eligible borrowers by Metropolitan Statistical Area, county and zip code.
Also in the fourth quarter Refinance Report:
- Through December 2015, 28 percent of all HARP refinances for underwater borrowers (those with a loan-to-value ratio greater than 105 percent) were for 15- and 20-year mortgages, which help borrowers build equity faster than traditional 30-year mortgages.
- Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.​
For more information, visit www.harp.gov.
