The largest banks are charging relatively high interest rates to borrowers that qualify for a government refinance program, according to analysts, who say that the trend bodes well for mortgage profits in the second quarter.

The largest mortgage servicers, including Bank of America (BAC), JPMorgan Chase (JPM) and Wells Fargo (WFC), have been inundated since January with a wave of new refinance applications for the revised Home Affordable Refinance Program. The program, known as Harp 2.0, was designed to help mostly underwater borrowers whose loans are guaranteed by Fannie Mae or Freddie Mac take advantage of low interest rates.

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