Brian Cavanaugh from JP Morgan Chase just emailed me announcing that conforming loan limits are going to be going up in high price areas of Massachusetts. This will significantly effect mortgage rates for Boston borrowers in a positive way.
Here are the new limits:
Suffolk, Essex, Middlesex, Norfolk, Plymouth County $523,750-
Barnstable County $462,500-
Bristol County $475,000- Nantucket and Dukes County $729,750-
It still has not been confirmed if these new limits will fall into straight conforming or jumbo conforming status. Either way, it will result in buyers getting lower rates on larger loans which is good for the market. We should have a final answer by the end of the week.
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