Homeowners who survived the Great Recession with highdebt-to-loan ratios completed 6,091 more refinances in May underthe Home Affordable Refinance Program.


The Federal Housing Finance Agency has now helped 3.4 millionfamilies refinance their mortgages since the current program beganApril 1, 2009, some owing more on their houses than they wereworth. About 6% of HARP loans had a loan-tovalue ratio greater than125%, and HARP refinances accounted for 4% of all U.S. refinancesin May.


Just a little more than half of May's HARP refinances came fromthe 12 states with the highest rates of HARP participation: Florida(8.6%), Georgia (7.9%), Connecticut (7.5%), New Mexico (7.5%),Rhode Island (7.1%), Maryland (7.1%), Ohio (7%), Nevada (6.9%),Michigan (6.8%), Delaware (6.8%), Illinois (6.1%) and Arizona(5.9%).


From January through May, HARP refinances represented 9% or moreof total refinances in Florida and Georgia, more than double the 4%of total refinances nationwide over the same period.


Total refinance volume increased in May as rates remained belowthe levels observed at the end of 2015. The average interest rateon a 30year fixed rate mortgage fell to 3.60% from 3.61% inApril.

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Jim DuPlessis

A journalist for decades.