Wednesday, February 13, 2008
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.
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