Stimulus Package Signed

The Economic Stimulus package was signed into law today. Perhaps the most significant aspect of this is that the size of conforming loans has been increased from ~$400,000 to over $700,000. The increase appears to be retroactive for loans funded in 7/2007 and will expire 12/2008. This should create a refinance rush like we haven't seen before with Jumbo loans in California across the country getting converted to cheap conforming money. Rates have already risen 0.25% which is to be expected considering the increased demand anticipated.