Rates went up quickly earlier this summer… but when the Feds said they’re not going to start TAPERING their buying of MBS (mortgage backed securities) on September 19th rates slid back down. 
Many “mortgage guys” out there were Chicken Little and thought the sky was falling and the world was ending.
I just picked up 2 of these HARP (Home Affordable Refinance Program) loans just this past week. On both occasions the borrower knew about the program the last couple years but due to an “economic event” (late mortgage payment, job layoff, prior bankruptcy, etc.) they didn’t qualify at the time. Now that they’ve got their situation in a place that they now qualified for the program… it makes sense. Lucky for them we could get them in at a lower rate than we’ve seen in the last couple months too.
Why is this important? The HARP program (as originally introduced) had some flaws and few people (in general) were able to qualify and get their loan terms reduced. Then the program went back to the drawing board and re-addressed some of the limiting factors and the program was extended and reintroduced as HARP 2.0. The changes were effective and allowed closer to market rates and also allowed people with 2nd mortgages to have them "subordinated". Earlier this year it was extended again… through December 2015. It was not officially re-named HARP 3.0… but the program is functional now. One difficult part of the program was that we had to confirm when your loan was purchased by Fannie Mae or Freddie Mac and confirm that this date was no later than May 31st 2009. Sometimes if you closed a loan in April of early May of 2009... it would take a couple months for the loan to be officially purchased by one of the GSE's (Government Sponsored Entities). One of the most recent changes is that HARP is now approving loans that have NOTE DATES on/before May 31st 2009. Now... just dig up your paperwork and it's black and white if the timing of your loan qualifies.
If you or someone you know is still upside down on your home and looking for a refi option… call Your Favorite Mortgage Guy (dot com) and see what options he may have for you or if he has a Questions/Answers list to help you out.
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