Loans refinanced through the Home Affordable Refinance Program held steady for the second quarter of 2015. According to the Federal Housing Finance Agency's Refinance Report, the total number of loans refinanced through HARP in the second quarter was nearly the same as the number recorded in first quarter.
FHFA's report found that second quarter HARP refinances completed between April and June reached 31,561, a difference of 87 from the 31,648 HARP refinances completed from January through March. Additionally, HARP volume represented 5 percent of total refinance volume in the second quarter of 2015. More than 3.3 million borrowers have refinanced their homes through HARP since the program began in 2009.
Pending home sales increased slightly in July for the sixth time in seven months, according to the National Association of Realtors. The Pending Home Sales Index, which is based on contract signings, increased 0.5 percent to 110.9 in July from an upwardly revised 110.4 in June. Additionally, the index has increased year-over-year for 11 consecutive months and is the third highest reading of 2015, behind April’s reading of 111.6 and May’s reading of 112.3.