The part I'm curious about is the jumbo mortgage change. Will this only be for new mortgages or is there refinance capabilities? Also, what areas are considered the more expensive areas that will qualify, California, NYC? I'd love to refinance if I can get below 5.5% for 30 years on $450K. I'm comfortable paying my current 2 to avoid the jumbo mortgage but if I can consolidate at a lower rate it seems like a no-brainer.
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