HARP Rates

HARP loan rates are typically going to be the market conforming rates available on any given day -  just like when you took out your original home loan.   The mortgage rates typically fluctuate daily based on the market conditions – particularly the U.S. Treasury market.  Despite some fluctuations, loan rates are expected to remain predominantly low, in the near term, and fluctuated around the low 4% range.

For the week of April 12, 2012, rates achieved a record low according to Freddie Mac, hitting 3.88% for the 30 year fixed.  Currently, the U.S. Federal Reserve Bank, under the Obama administration has committed to set policies aimed at keeping rates low throughout the coming years.

Your quoted rates will vary depending on some intrinsic factors, such as the size of the loan, whether it is a single family home or condo, and depending on the borrowers credit, and whether a borrower has to pay cash (points)  for the loan or whether they choose a no cost loan; – to name a few.

No matter how you slice it, rates are BETTER NOW, than at almost any time in the last 30 years, so if you can get a HARP loan on your underwater home, be assured that the refinance will LOWER your monthly payment, and the interest you pay over the life of the loan. Start here.