HARP Volume Falls to Two-Year Low in November

HARP refinancings declined in November for the fifth consecutive month as Home Affordable Refinance Program activity fell to the lowest level since December 2011.

The Federal Housing Finance Agency reported Monday that 38,732 HARP refis were completed in November, down 16.5% from the month prior and down 70% from November 2012.

Despite this decline, there are plenty of borrowers with high loan-to-value ratios above 80% that could qualify for a HARP refi and find it "economically advantageous."

The Urban Institute recently reported that there are 872,400 Fannie Mae and Freddie Mac borrowers that could still qualify and benefit from a HARP refinancing.

In November 7,610 homeowners with LTVs above 105% to 125% were refinanced and another 5,430 borrowers with LTVs above 125% were refinanced. Overall, 3 million GSE borrowers have been refinanced under the HARP program that was launched in 2009.

Last April, the GSE regulator approved a two-year extension of the HARP program through Dec. 31, 2015.

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