Fannie Mae and Freddie Mac are raising the maximum limit on home loans to over $1 million in certain markets where buyers struggle to get financing. This reflects the reality of high home prices in challenging real estate markets, leaving many unable to afford a home. The conforming loan limits have been increased to give buyers a better chance of securing financing. The new limits highlight the fact...
Sam Khater, chief economist for Freddie Mac, recently reported that interest rates for a 30-year mortgage had reached an average of 7.49%, the highest in a generation. This is causing a slowdown in the housing market, negatively impacting single-family home sales which were down 8% in August compared to last year. Khater attributes the spike to numerous factors including inflation, the job market, and...
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