The Federal Housing Finance Agency said Fannie Mae and Freddie Mac have refinanced almost 1.9 million loans through the Making Home Affordable Refinance Program.

The program, announced by the Obama administration in April, allows borrowers with loan-to-value ratios between 80% and 105% to refinance through the government-sponsored enterprises.

Overall, the Finance Agency said Fannie and Freddie have refinanced 2.9 million loans through July.

"Borrowers refinancing their loans are enjoying significant interest rate reductions refinancing through the GSE streamlined refinance process with an average rate reduction of 1.3%," FHFA Director James Lockhart said.

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