Posted To: Mortgage Rate Watch

Rarely does the month of November offer so much activity for the housing and mortgage markets, but it always offers an updated conforming loan limit. This refers to the maximum loan amount for mortgages that “conform” to the guidelines of housing agencies Fannie Mae and Freddie Mac. These account for a vast majority of the mortgage market. Because conforming loans typically offer the most competitive rates, loan limits have a distinct impact on affordability in certain price ranges. In fact, many shoppers will limit their preferred price range to homes they can finance with a conforming loan. That makes November an exciting month for anyone who happens to need a great rate on a loan amount closer to 550k as opposed to the prevailing $510,400 loan limit. Even if your price aspirations are much…(read more)

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Source: Mortgage News Daily