The lower end flips are easy to design and source material, mostly cheap RTA Shaker cabinets, LVP, etc.  

Curious to hear what folks think this will do to mortgage rates, especially since it's arriving on the heels of a booming jobs report.

If you provide the proper usage for the property at the time of application there shouldn't be that sort of exclusion.Overall your point about making sure you have appropriate rather than "cheap" coverage is one I agree with wholeheartedly. 

Interest rate?

Typically interest only for a couple years, rate a little higher but i/o payment lower.

Space rated 3 Star is the most dominant subtype, with a total number of 392 units in this category, followed by 224 units of 1 & 2 Star space.

exchange rates?

As soon as interest rates started climbing distributions got paused.

Your loan size will also effect the rate as a lot of the better non-qm financing have loan mins etc.  

If you plain simply want to pay off the hard money loan, you can go up to 80% LTV on a rate and term refinance, with no seasoning requirement.