PRWEB
HARP Mortgage Lender (http://harpmortgagelender.com), a national network of mortgage professionals who are approved for the Home Affordable Refinance Program, reported Arizona HARP applications have dropped in the second quarter of 2013 as mortgage rates continue to rise.
The Arizona Home Affordable Refinance Program (HARP) was revised in late 2011 through an agreement initiated by the Obama Administration’s #MyRefi plan between the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac to help severely underwater homeowners refinance into lower rates or better terms without the traditional obstacles of appraised values or other red tape getting in the way.
According to the most recent Refinance Report published by the Federal Housing Finance Agency (FHFA) on July 25, 2013, the total volume of HARP applications in Arizona dropped from 5,147 in April to 3,755 in May.
