Fannie Mae and Freddie Mac loans refinanced through the Home Affordable Refinance Program (HARP) accounted for nearly one-quarter of all refinances in August, according to data released by the Federal Housing Finance Agency (FHFA).
The FHFA reports that nearly 99,000 homeowners refinanced their mortgage in August through the HARP program, with more than 618,000 loans refinanced since the beginning of this year. Since the program's inception in 2009, Fannie Mae and Freddie Mac have financed more than 1.6 million loans through HARP.
In August, HARP refinances represented nearly half or more of total refinances in states hard-hit by the housing downturn – Nevada, Arizona and Florida – compared with 24% of total refinances nationwide.
