This story appeared in Bank Digest.
The Federal Housing Finance Agency has released its May 2015 Refinance Report, which shows that Fannie Mae and Freddie Mac loans refinanced through the Home Affordable Refinance Program accounted for 5 percent of all refinancings in May. According to the report, 10,419 homeowners refinanced their mortgages in May through the HARP program with more than 3.3 million loans refinanced since the inception of the program. According to the FHFA, refinance volume decreased in May but remained at levels above those observed in 2014. In addition, mortgage rates rose in May, with the average interest rate on a 30-year fixed rate mortgage reaching 3.84 percent.