The Federal Housing Finance Agency reported Wednesday that homeowners refinanced more than 344,000 mortgages in the second quarter of 2014, 54,000 through the Home Affordable Refinance Program. 

Consumers who refinance through HARP can lower their interest rates on home loans even if their loan-to-value ratio would be too high to qualify them under other programs.

The FHFA also reported that the volume of mortgages homeowners refinanced in June increased slightly due to a small drop in interest rates during the month, but did not enumerate the increase.

“Mortgage rates have ranged between 4% and 4.5% since June 2013,” the agency wrote in its Refinance Report for the second quarter. “In June, the average interest rate on a 30 year fixed rate mortgage decreased from May to 4.16%.”

The Fannie Mae and Freddie Mac regulator reported homeowners refinanced 19.5 million GSE-owned mortgages and that 3.1 million had been refinanced through HARP. The FHFA also estimated that a little more than 800,000 mortgages remained that qualified for HARP and that those homeowners could save an average of almost $2,300 per year on their mortgages.

The agency also reported that while HARP refinances represented 18% of refinanced mortgages nationwide year-to-date as of June 30, they represented 37% of refinanced mortgages in Georgia and 35% in Florida.

The FHFA also reported homeowners who refinanced their loans with HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.