Current Harp Loan Interest Rates: Everything You Need to Know

Are you considering a HARP loan to refinance your mortgage? If so, you’re probably wondering about the current interest rates. This article will provide a comprehensive guide to current HARP loan interest rates, complete with a detailed explanation, a table of rates, FAQs, and tips for taking action.

Why Choose a HARP Loan?

Home Affordable Refinance Program (HARP) loans were established in 2009 to help homeowners refinance mortgages with no equity. There are numerous benefits to choosing a HARP loan, including:

  • No Appraisal Required
  • No Out-of-Pocket Costs
  • Reduced Paperwork
  • Flexible Qualifications
  • Lower Interest Rates

These benefits have made HARP loans a popular option for homeowners seeking to refinance their mortgage. Let’s take a closer look at current HARP loan interest rates.

What Are Current HARP Loan Interest Rates?

Current HARP loan interest rates vary depending on the lender and the borrower’s credit score. Generally, interest rates for HARP loans are lower than traditional mortgages. Here’s a table of current HARP loan interest rates:

Credit Score
Interest Rate


1. How do I qualify for a HARP loan?

To qualify for a HARP loan, you must meet the following requirements:

  • Your mortgage must be owned by Fannie Mae or Freddie Mac.
  • You must be current on your mortgage payments.
  • Your loan must have originated on or before May 31, 2009.
  • Your current loan-to-value ratio must be greater than 80%.

2. Can I refinance with a different lender?

Yes, you can refinance your mortgage with a different lender as long as they participate in the HARP program.

3. Is an appraisal required?

No, HARP loans do not require an appraisal.

4. How do I apply for a HARP loan?

You can apply for a HARP loan through a participating lender. Contact your lender to see if they offer HARP loans.

5. Can I cash out with a HARP loan?

No, HARP loans do not allow cash-out refinancing.

6. Can I refinance my second home or rental property?

No, HARP loans only apply to primary residences.

7. Does my credit score affect my eligibility?

Yes, your credit score is one of the factors that determine your eligibility for a HARP loan. However, there is no minimum credit score requirement.

8. How long does the refinancing process take?

The refinancing process typically takes 30-45 days.

9. Will I have to pay closing costs?

Some lenders offer HARP loans with no closing costs, but most require some fees.

10. Can I choose a fixed or adjustable rate?

Yes, you can choose between a fixed or adjustable rate HARP loan.

11. Can I skip a mortgage payment with a HARP loan?

No, you cannot skip a mortgage payment with a HARP loan.

12. Is there a penalty for paying off my HARP loan early?

No, there is no prepayment penalty for HARP loans.

13. Can I refinance with HARP more than once?

No, you cannot refinance with HARP more than once.

Take Action Now

If you’re considering a HARP loan to refinance your mortgage, now is the time to act. Current interest rates are low, making it the perfect opportunity to save money on your monthly mortgage payments. Contact a participating lender today to learn more about your options.

Closing Disclaimer

The information provided in this article is for educational purposes only and should not be considered legal, financial, or professional advice. Before making any decisions regarding your mortgage, it’s important to speak with a qualified professional. The author and publisher of this article disclaim any liability for any damages or losses incurred as a result of the information in this article.