Conforming loans for CONDO's

So has the increase been passed? I am assuming NYC will qualify for the limit of 729k. For people who have loans that are less than this amount with rates in the 6.25 range can they refi - take equity out & be paying less than they are now? How about if one has done renovations, property has increased, & they want to have 85-15? Is it possible that I may be able to refi - take money out to buy a 2nd apt & still have roughly the same payments? I am assuming rates in the 5's will be easily attainable. Also this is assuming that one has excellent credit, a decent amount of income, & a FICO of 720 .