Loan limits were frozen in place at $417,000 for 10 long years after the housing bust, but were finally raised on January 1 of this year. Rapidly increasing home prices have now allowed the Federal Housing Finance Agency (FHFA) to increase them again for 2018. The maximum conforming loan limits for mortgages eligible to be acquired by Fannie Mae and Freddie Mac (the GSEs) in most of the U.S. starting on January 1 will be $453,100, an increase from $424,100 in 2017. The Veterans Administration and FHA are expected to follow suit, raising limits for their own loans. The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit for the GSEs be adjusted each year to reflect the change in the average U.S. home price. FHFA published its third quarter House Price Index

November 28, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Nov 28, 2017 Mortgage Rates Improve Slightly Despite Market Volatility Tue, Nov 28, 2017 4:47PM Mortgage rates improved modestly today as markets digested tax bill headlines and the confirmation hearing for new Fed Chair Jerome Powell. As the head of the institution that has the biggest impact on short-term rate momentum, Powell is an important figure. Markets already felt like they knew him pretty well, but today was his first time in the hottest of seats (fielding questions from US Senators seeking to advance some political agenda almost completely unrelated to Powell's new job duties). Not only did Powell handle himself well, but he struck a more rate-friendly tone than was generally ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.05 -0.02   97.47 101.61 UMBS 30YR 6.0 102.36 -0.02   99.66 102.50 10 YR Treasury 4.089 +0.006   3.621 4.780 MBS Live Day Ahead: The Waiting Continues Tue, Nov 28, 2017 9:28AM Not much will be able to change about the recent analysis until markets actually make a move.  In a nutshell, the recent analysis holds that we've been waiting for a breakout from a consolidative range that began with the highs and lows seen i... (read more) MBS Price Change UMBS 5.0 99.44 +0.00 UMBS 5.5 101.06 -0.01 UMBS 6.0 102.36 -0.01 GNMA 5.0 99.73 0.00 GNMA 5.5 101.01 -0.03 GNMA 6.0 102.01 +0.03 Pricing as of: 9/10 1:35AM EST US Treasury Yield Change 2 YR Treasury 3.553 -0.015 5 YR Treasury 3.614 -0.013 7 YR Treasury 3.814 -0.019 10 YR Treasury 4.088 +0.004 30 YR Treasury 4.732 -0.003 Pricing as of: 9/10 1:35AM EST Other News FHFA Raises Conforming Loan Limit to $453k Tue, Nov 28, 2017 2:35PM Loan limits were frozen in place at $417,000 for 10 long years after the housing bust, but were finally raised on January 1 of this year. Rapidly increasing home prices have now allowed the Federal Housing Finance Agency (FHFA) to increase them again for 2018. The maximum conforming loan limits for mortgages eligible to be acquired by Fannie Mae and Freddie ... (read more) Home Price Gains "Appear Unstoppable" Tue, Nov 28, 2017 10:35AM In October, David Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices, said home price increases "appear unstoppable." The latest reports on both the S&P CoreLogic Case-Shiller Home Price Indices and the House Price Index (HPI) from the Federal Housing Finance Agency (FHFA) do nothing too disprove that point. The C... (read more) Home Price Gains Continue Cooling Off Mon, Nov 27, 2017 5:17PM Black Knight Financial Services reported on Monday that home prices as measured by its national Home Price Index (HPI) continued to slow on a monthly basis, although the year-over-year rate continues to accelerate. The company said the HPI rose 0.16 percent from August to September, only two-thirds of its increase (0.24 percent) from July to August. It was t... (read more) Flood Insurance Status; Banks in the News; LO Products Tue, Nov 28, 2017 9:11AM Remember when everyone waited with bated breath for Fannie & Freddie’s loan limit announcement? (It happens every year around Thanksgiving, in recent years after the FHFA releases its home price index.) But that was in the days when jumbo rates were much higher than conventional conforming rates. Now plenty of banks are hungry for jumbo loan assets... 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