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.