The total volume of mortgage refinances continued to decline through the first three months of 2014, according to the Federal Housing Finance Agency’s (FHFA) First Quarter 2014 Refinance Report. Total refinance volume for the first quarter topped 370,000 while refinance through the Home Affordable Refinance Program (HARP) stood at just under 77,000. In March, refinance volume dropped to its lowest level since 2008. Mortgage rates have ranged between 4 to 4 ½ percent since June 2013, but increased in March to 4.34 percent.
Refinance transactions take downward turn going into new year Part 1