While it's tempting to refinance right now given the fall in mortgage rates in recent months, it may make sense to wait: According to The Times, the government may raise the conforming loan limit in New York to $729,750 from $625,500 as part of the stimulus package. That could mean paying 5.25% for a 30-year-fixed rate instead of 6%. Of course, rate could rise while you wait.
Conforming Loan Limits May Rise
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