According to the latest Refinance Report released by the Federal Housing Finance Agency (FHFA), more than 519,000 loans have been refinanced through the Home Affordable Refinance Program (HARP) in the first seven months of this year. There were only a total number of 400,024 HARP loans in all of 2011. The high volume of HARP loans is attributed to record-low mortgage rates and program enhancements announced last year including removal of the loan-to-value (LTV) ceiling for borrowers who refinance into fixed-rate loans.

"When we announced additional program changes to HARP last fall, we were cautiously optimistic that the changes would double or more the number of HARP refinances," said Acting Director Edward J. DeMarco. "With more than half-a-million homeowners taking advantage of the program in the first seven months of this year Fannie Mae and Freddie Mac are on track to meet or surpass our original estimates."

Since the program's inception in 2009, Fannie Mae and Freddie Mac have financed more than 1.5 million loans through HARP.

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