The Federal Housing Association announced that purchase limits for popular federally backed mortgages like FHA loans will increase by 7.4% (11/24/2020). In most of the US, this means the maximum conforming loan limit for single-family homes will increase from $510,400 in 2020 to $548,250 in 2021. In some high-cost areas the baseline loan limit will be as high as $822,375.
FHFA conforming loans are known for their lower down payments and interest rates. Combine these benefits with record-low market rates and many homebuyers will be able to afford a lot more home for their money.
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Rates Fall Again!
Record rates were announced by Freddie Mac Nov 19th based on their Primary Mortgage Market Survey. They indicated that weaker consumer spending drove rates down to a new record low (11/19/2020).
Image and survey data taken from Freddie Mac’s website posted 11/19/2020. Visit http://www.freddiemac.com/pmms/ for more details and disclosures of their Primary Mortgage Market Survey.