Any underwater borrower, no matter how much negative equity they have, will be able to apply for a HARP refinance.
However, the number of applications for refinancing declined. What will the future bring?
Thirty-year rates drop to a record low of 3.94%. But will consumers be able to take advantage?
Some of these blunders are made because we're slackers, some because we're just too optimistic for our own good.
Mortgage rates are the lowest since the government began keeping track in 1971 and could go lower still.
Alas, few homeowners qualify for refinancing, and big government refinance initiatives face big obstacles.
People who can refinance often prefer a mortgage of less than 30 or even 20 years. It's part of a larger movement to get a grip on consumer debt.
The Obama administration considers using rock-bottom mortgage rates to help homeowners reduce monthly payments. Too bad it's unlikely to succeed.
VIDEO ON MSN MONEY
DATA PROVIDERS
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
Japanese stock price data provided by Nomura Research Institute Ltd.; quotes delayed 20 minutes. Canadian fund data provided by CANNEX Financial Exchanges Ltd.
TOP STOCKS
Try as the bears might, they couldn't break US stocks. But investors still face frothy prices and considerable headwinds.
MARKET DISPATCHES
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
FRUGAL COOL
Starting Monday, this site is joining forces with MSN Money Smart Spending. Here's why.
MONEY & POLITICS
Breaking up big banks is an untested solution to the too big to fail problem that attempts to isolate and dismantle large, troubled institutions while protecting the rest of the economy.
SMART SPENDING
A new federal safety report shows toddlers and minority children make up a disproportionate number of drowning victims.
SMART TAXES
The IRS is struggling to combat identify thieves who file fraudulent tax returns in the names of older residents who don't need to file.
