Press "Enter" to skip to content

New Loan Limits Soon; Refi Fee Confusion; and Rate Volatility

Rarely does the month of November offer so much activity for the housing and mortgage markets, but it always offers an updated conforming loan limit.
This refers to the maximum loan amount for mortgages that “conform” to the guidelines of housing agencies Fannie Mae and Freddie Mac.  These account for a vast majority of the mortgage market.
Because conforming loans typically offer the most competitive rates, loan limits have a distinct impact on affordability in certain price ranges. 
That makes November an exciting month for anyone who happens to need a great rate on a loan amount closer to 550k as opposed to the prevailing $510,400 loan limit. 
Even if your price aspirations are much lower or higher than that, new loan limits affect everyone by increasing turnover in the housing market.  Also, if you’re shopping in a higher cost county, those loan limits will increase proportionally.  To keep things simple, we’ll just focus on the base conforming limit.
…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed

Be First to Comment

    Leave a Reply