Higher home limits approved for 2022

Higher home limits approved for 2022

Higher home limits approved for 2022
The Federal Housing Finance Agency announced that mortgage giants Fannie Mae and Freddie Mac will increase their lending limits for 2022 as a result of higher home prices nationwide. Currently, the maximum conforming loan limit for single-unit properties is $548,250. This will increase to $647,200 this year. The new loan limits took effect January 1.

Loan limits are based on median home prices in a given metropolitan area. Higher limits assist buyers by providing access to better financing terms on a new mortgage or refinance. Loans that exceed these limits are generally referred to as jumbo or non-conforming loans.

In San Diego, where home prices are higher than the national average, the 2022 loan limit will be $879,750, among the highest in the nation.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.