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With the right combination of factors, low loan to value, high credit score(above 740), borrowers are able to get the new conforming plus loan limits of $506,000 in Pierce, King & Snohomish counties at conforming interest rates.  Here's a quote from today 12-9-2008.

Sales Price or Appraised Value:   $700,000

Loan Amount:  $506,000

Credit Score:  740

Current Rate:  5.125% (5.226 apr) with a 1% loan fee, plus other third party costs, ie. title, escrow, appraisal, etc.

That's the same rate/fee structure for conforming loans as well.