Interest rate changes on ABQ Real Estate

Pushing to Raise Loan Limits Sarasota Herald-Tribune (FL) (02/06/08); Pollick, Michael The economic stimulus bill passed by the House would increase the conforming loan limit in certain high-cost markets, meaning borrowers of loans up to $730,000 in such markets as Naples, Fla.; Greenwich, Conn.; Honolulu; and San Diego would be eligible for lower interest rates. However, the mortgage industry is lobbying the Senate to institute state-by-state limits--or, preferable, a national standard--so that buyers in other markets can benefit from lower interest rates as well. According to Mortgage Bankers Association lobbyist Francis Creighton, "We believe you should have one number for the entire country, 150 percent of the current conforming loan limit of $417,000, so $625,000." As it currently stands, buyers in markets where the conforming loan limit stays the same would have to pay jumbo rates on mortgages above $417,000. http://www.heraldtribune.com/article/20080206/REALESTATE/802060655
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