Refinance Volume Continues Upward Trend

Conventional refinances continue to be hot in 2012.  Regardless of the value of their homes, owners are taking advantage of historically low-interest rates.

Information taken from Mortgage News Daily –

Refinancing through Freddie Mae and Fannie Mae jumped sharply in August as homeowners continued to take advantage of record low rates. The two government sponsored enterprises (GSEs) refinanced 420,021 loans during the month, up from 356,091 in July. 138,678 of the loans were refinanced through Freddie Mac and 281,343 through Fannie Mae. So far in 2012 there have been 2,945,844 refinances completed through the two GSEs.

Loans through the Home Affordable Refinance Program HARP also increased, but only slightly, from a combined total of 96,371 in July to 98,900. There have been 1.64 million HARP refinancings since the program began in April 2009. In late 2011 the Federal Housing Finance Agency (FHFA) announced “enhancements” to the program in hopes of encouraging more refinancing of homes that were underwater with their mortgages. Since the first of 2012 618,217 homeowners have taken advantage of the revised program…

Do you need to refinance your current mortgage?

 

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