Mortgage rates hitting new lows and enhancements to the program have allowed more than a half-million Americans refinance their loan through the Home Affordable Refinance Program in 2012, according to the Federal Housing Finance Agency.
FHFA's Refinance Report showed nearly 99,000 homeowners refinance their mortgage through HARP in August, bringing the yearly total to more than 618,000. Since the program began in 2009, Fannie Mae and Freddie Mac have helped more than 1.6 million borrowers refinance through the program.
The states hardest hit by the collapse of the real estate market – Arizona, Florida and Nevada – all had a significant amount of refinances completed through HARP.
The report also found that borrowers with loan-to-value ratios greater than 105 percent accounted for more than half the volume of HARP loans.
Mortgage rates remaining near record lows for the past month have led to a surge in HARP refinances. According to the Mortgage Bankers Association, the HARP share of refinance applications jumped from 18 to 22 percent in the week ending October 12.