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Th e M Rep o RT | 61 O r i g i nat i O n s e r v i c i n g a na ly t i c s s e c O n da r y m a r k e t the latest SECONDARY MARKET t he Federal Housing Finance Agency (FHFA) released its latest Refinance Report, looking at data from the first quarter of 2014. The government agency reported that in Q1 2014, approximately 77,000 refinances were completed through the Home Affordable Refinance Program (HARP), bringing the total refinances through HARP to 3.1 million since the program's inception. Total refinance volume decreased in March, dropping to levels last seen in 2008. The first quarter of 2014 marked the fourth straight quarter that total refinances and HARP refinances have declined. The report attributed the decline in refinancing to March's rising interest rates. The total volume of HARP refinances was 21 percent of all refinances for the quarter, with 12 percent of loans refinanced through HARP with a loan-to-value ratio greater than 125 percent. In the first quarter of 2014, 23 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages. The remaining 77 percent of loans were for the longer, more traditional 30-year note. According to FHFA, borrowers who re- financed through HARP had a lower delin- quency rate compared to borrowers eligible for HARP who did not use the program. "Year-to-date through March 2014, HARP refi- nances represented 41 percent of total refinances in Georgia and 38 percent of the total refinances in Florida, nearly double the 21 percent of total refinances nationwide over the same period," the agency said. Other notable states with a large percentage of HARP refinances as a percentage of total refinances include Nevada (33 percent), Michigan (33 percent), and Illinois (31 percent). HARP was initially set to expire on December 31, 2013, but was extended to expire on December 31, 2015, in order to continue helping homeowners with underwater mortgages. HarP refinances continue declining