The sell off on the long end of the yield curve ( rate rise ) is raising rates anyway, so this effect is offset already to some degree. It would have helped people like me who could have paid down my balance to the conforming level then refi’d, but the rates have already gone up quite a bit in the last couple of weeks, so it is now not worth it.

The problem is, I am not the demographic that needs help, so maybe in the end this move by the govt does not help much.