The government-funded refinance program for borrowers on government-sponsored enterprise mortgages with little equity has been extended despite fading activity.

Since the Home Affordable Refinance Program was launched in April 2009, nearly 3.5 million Fannie Mae and Freddie Mac loans have been refinanced through the program.

But more recently, HARP production fell below 3,300 transactions in May — the fewest on record based on the oldest available data maintained by Mortgage Daily back to January 2011.

Source: Mortgage Daily