Banks Say Big Benefit to those Refinancing a Jumbo Conforming “High Balance” Mortgage

``With the Housing and Economic Recovery Act of 2008, the conforming loan limit was raised to $729,750 or 125% of the median home value within a metropolitan area, whichever is less. This rule has been extended through the end of 2010. Due to this change in conforming loan limit, banks are saying that there is a big benefit to those refinancing a jumbo conforming “high balance” mortgage at today’s rates.'' -- Gotta love the "welfare for the rich" angle on this...