Asked by Mike, Cupertino, CA • Wed Feb 4, 2009
I know the conforming loan limit in 2008 was $729,000. I wanted to refinance my home and realize that now conforming loan limits have dropped to about $650,000 (or so). Before I go through the trouble, do any mortgage brokers out there have any sense about if/when that limit might be raised back to $729,000? I've hear plenty of rumors it will. Also, it is impossible to time these things, but when would you predict mortgage rates will be closer to bottom? I want to refinance for 30 years and I am finding nice low rates at 4.2%, but with huge fees in the 3.5pt range! Yikes!
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