Did Your Mortgage Just Get Cheaper?

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In the wake of the financial crisis, the national conforming loan limit was frozen at its 2007 level of $417,000. After nearly a decade of waiting, federal regulators may finally be ready to raise that limit as well as several other important demarcations in the mortgage market.

The main beneficiary of this change will be consumers.  While the official release of the new limits will come later this fall, based on recent price index trends, the national conforming limit is likely to rise to a range of $418,000 to $427,000 while the high-cost limit will increase to a range of $627,000 to $640,500.

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