WASHINGTON – The federal government is looking at how it could help a greater number of homeowners who owe more than their house is worth refinance at today’s historically low rates.

The Federal Housing Finance Agency said Friday that it would review a program launched two years ago to see if it could be expanded so more homeowners could qualify.

The Home Affordable Refinance Program, or HARP, allows people whose homes are underwater by as much as 20 percent to refinance their mortgages at lower interest rates. Banks typically require that homeowners have some equity before approving a refinance loan.

The program gives homeowners a chance to reduce their mortgage payments by hundreds of dollars per month. But many people are not eligible for the program because their home values have fallen further.