Is the Mortgage Interest rate Subject to Change through the Term of the HAMP Adjustment?
If the modified rate is lesser than the market rate as decided from the Freddie Mac Primary Mortgage Market Survey rate on the date the modification contract is prepared, the modified rate will be established for a minimum of five years as stipulated in your modification agreement. Beginning in year six, the rate may rise no more than one percent point yearly until it reaches the market rate at the time the modification agreement is arranged. Your rate can at no time be higher than the market rate as indicated in your modification agreement. If the modified rate is at or below the market rate at the time the modification agreement is prepared, the adjusted rate is settled for the life of the loan.
