I have a primary residence in the Austin TX area with a 30Y fixed at 5.5 with 349K on first and a second at 10.625 with 104K on it. My home is worth at or nearly what is owed on it, $440K. While my biggest concern is the second. I have tried to find a way to lower the interest rate. I have gone to my current lender Flagstar who has offered no options on the second. I already did a HARP before this huge dip in rates on the first.  I just want to find what it will take for me to lower the seconds rate so I can get rid of it. We are both long-term employed have good income, have absolutely no other debt, and are over 728 at last check on credit scores. Are there any scenarios that work to get rates improved?

The only option I can think of that could work is if the new mortgage were no more than 97% of the current appraised value.  That would trigger PMI assuming the loan was more than 80% of the value - but there is a way to prepay PMI in full so that there is no monthy payment. 

You can't do another HARP but you potentially could subordinate the 2nd to a new first mortgage - however only if the combination of the two did not go over 95% of the new value.  If you have any cash to make up the difference that could help you, or some 401k and insurance policies have loan features you could use to pay some portion of any gap. 

FYI - 30 year fixed rate today with 0 points or origination fee would probably be at about 3.5%.  I can lend in TX (headquarters is in Dallas) and would be pleased to show you some options.