With interest rates still low, refinancing is still strong according to the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac. Its February 2013 Refinance Report shows that than 463,000 refinancings took place in February.
This was particularly good news for underwater homeowners, or those whose homes are worth less than their mortgages. 97,738 underwater homeowners refinanced using the Home Affordable Refinance Program (HARP) that the Obama administration created to help them. More than 2.3 million have refinanced using HARP since the program started in 2009.