As the monthly volume of conventional conforming refinance transactions increased, the share of all refinances being closed through the Home Affordable Refinance Program was lower.
Total refinance volume at Fannie Mae and Freddie Mac was 431,342 loans during September.
Activity strengthened from 420,021 transactions in August and 263,769 in September 2011.
The findings were outlined in the Refinance Report September 2012 from the Federal Housing Finance Agency.
Fannie generated 293,119 refinances in September, while Freddie’s cut was 138,223.
So far in 2012, the two secondary lenders generated 3,377,186 refinances — including more than 2.2 million loans owned or managed by Fannie and nearly 1.2 million loans in Freddie’s book of business.
HARP transactions numbered 90,789 during the most-recent month, fewer than the 98,885 HARP refinances in August but far more than 34,815 in the same month last year.
HARP share fell to 21 percent in September from the previous month’s 24 percent.
HARP refinances were completed on 52,975 Fannie loans and 37,814 Freddie loans.
At 103,043, there were more HARP refinances in California than any other state. A distant second was Florida’s 73,213.
FHFA said that 23,226 HARP refinances had loan-to-value ratios in excess of 125 percent in September, while another 21,930 had LTVs above 105 percent and no more than 125 percent.
Transactions with LTVs above 80 percent and up to 105 percent numbered 45,633.
