Fannie Mae and Freddie Mac are set to begin buying "super-conforming" loans of up to $729,750, which should bring rates down for borrowers seeking loans above the previous limit of up to $625,500 in high cost housing markets.

Bank of America and Wells Fargo Home Mortgage will reportedly bring down rates on eligible mortgages in the $625,500 to $729,750 range now that Fannie and Freddie are ready to begin buying the loans from lenders.

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