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The new conforming loans limits for mortgages that can be acquired by Fannie Mae and Freddie Mac were announced this morning by the Federal Housing Finance Agency (FHFA). As expected, the changes reflect the nearly unprecedented price gains over the last year. Earlier today FHFA posted third quarter changes in its Housing Price Index (HPI). Between the third quarter of 2020 and 2021 the expanded-data index (slightly different than the regular HPI) had grown by an average of 18.05 percent . The baseline conforming limit will be higher by that same percentage. The limit for single-family residential units in most U.S. counties, effective January 1, 2022, will be $647,200 . This is an increase of $98,950 from the $548,250 limit this year. The baseline limit for properties containing two units
The new conforming loans limits for mortgages that can be acquired by Fannie Mae and Freddie Mac were announced this morning by the Federal Housing Finance Agency (FHFA). As expected, the changes reflect the nearly unprecedented price gains over the ... (read more)
While the profits were nowhere near 2020 levels, independent mortgage banks and mortgage subsidiaries of chartered banks reported their third quarter 2021 gains did improve on those in Quarter 2. The report from the Mortgage Bankers Association (MBA)... (read more)
Brian C. writes, “I was surprised when I got my new Tesla, instead of the new car smell, it had an Elon Musk.” Tesla was founded 18 years ago. Time flies. For 20 months now mortgage rates have been driven by pandemic news, like Moderna&rs... (read more)
Mortgage rates ended the previous week with a hopeful outlook due to the omicron variant. In general, rates benefit from news and events that cause investors to seek protection from risk. A fresh dose of risk aversion was served up overnight as Moderna's CEO said he expected vaccine efficacy to be lower against the new variant. Those headlines sent stock pri... (read more)
Big Swings as Covid Squares Off Against The Fed
It was omicron vs the Fed today and bonds had a front row seat. In the overnight session, comments from Moderna's CEO (lower vaccine efficacy expected for omicron variant) sent stock prices and bond yields screaming lower. Then at 10am during a congressional... (read more)
Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc.