Adjustment for rising home prices increases FHA ceiling in high-cost markets like New York, San Francisco and Washington, D.C., and raises the floor in low-cost markets to $524,225
One issue for would-be homebuyers seeking jumbo mortgages is that rates haven't come down as dramatically as they have for conforming mortgages eligible for purchase by Fannie and Freddie
Applications for FHA mortgages and conforming loans backed by Fannie Mae and Freddie Mac were up last week even as rates crept back toward 2023 highs seen in August
Rising rates took their toll not only on refinancing but on homebuyer demand for purchase loans in June, according to an analysis of rate lock data released Monday by Black Knight
Despite the fastest one-month rise in mortgage rates in nearly 13 years, purchase lock volume climbed 31% from February likely driven by borrowers moving to secure loans before rates rise