Good Mortgage News!

Congress approved the economic stimulous package today, which is expected to be signed by the President as soon as next week. The stimulous package includes raising the level of conforming loans to somewhere around $600,000 or more, from the current level of $417,000. This will result in better rates on loans that are now considered jumbo loans (higher levels, higher rates). I don't yet know when this will take effect, but will keep you posted as I know more.