Drop in Conforming Limits Means More Jumbo Mortgages

The Housing Wire reports:

As the New Year rings in, some homeowners are likely to feel the pinch of higher mortgage rates and tightened credit — in particular, borrowers in certain areas of the U.S., with a mortgage between $625,500 and $729,750. That’s because temporary legislation that had boosted conforming mortgage limits to as high as $729,750 in certain designated high-cost housing areas expired at the stroke of midnight Thursday morning.