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Federal Housing Finance Agency extends HARP through 2012

Fannie Mae and Freddie Mac will continue their Home Affordable Refinance Program.

Fannie Mae and Freddie Mac will continue their Home Affordable Refinance Program.

People whose homes have lost value after moving can still refinance their loans if they're at risk of foreclosure.

According to the Federal Housing Finance Agency, the Home Affordable Refinance Program has been extended for another year. It will now expire on June 30, 2012.

The FHFA says many people have been able to take advantage of the HARP. Through 2010, Freddie Mac and Fannie Mae - the organizations that administer the program - have purchased or guaranteed more than 6.8 million refinanced mortgages, 621,000 of which were HARP. That's up from the 190,180 in 2009 when the program began.

Moving families may want to take advantage of this program if their house is at risk for foreclosure, as refinancing can help people save money and their home.

Fewer people took advantage of low interest rates this past week, as mortgage application volume decreased 0.7 percent, according to the Mortgage Bankers Association. Still, mortgage prices are at historic lows, as the 30-year fixed-rate mortgage rate decreased to 4.79 from 4.93 percent a week earlier.