A few months ago when the Economic Stimulus Package was passed…there was lots of news about the new Conforming Loan Rates for jumbo loans. People were very excited at first saying that this would fix so many things…however, at the time…there were many skeptics, including me. Over the past month or two as this all has come into effect…unfortunately, many of the skeptics have been proven right.

Thankfully, the government has been quick to notice the problems that have been occurring and have been working hard to fix things. In the past couple of weeks we have begun to see rates drop on jumbo loans as well. There are still many questions to be answered and it still stands to be seen if they will allow these changes to become more long term or end at the end of the year. Thankfully, we are starting to see light in the mortgage industry…hopefully this will help out market rebound very quickly. The summer will tell alot!

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This entry was posted on Friday, May 23rd, 2008 at 3:20 pm and is filed under Mortgages/Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.