The $26,250 increase in Fannie and Freddie’s baseline single-family conforming loan limit is the smallest since 2020, but pushes the ceiling in high-cost markets to $1.25M
The 2.4% increase ahead of an official announcement in November surpasses more cautious 1.5% increases adopted last month by UWM, Pennymac, CrossCountry and Rate
UWM and Pennymac are pricing jumbo loans of up to $819K as if they were conforming, ahead of an official announcement by Fannie and Freddie's federal regulator in November
Mortgage rates are climbing back toward 7% on fears that tariffs could reignite inflation, but Fed Chair Jerome Powell warns policymakers would be challenged if unemployment also rises
Cutting the mortgage giants' $806.5K conforming loan limit could relieve pressure on home prices, but leave more homebuyers seeking jumbo mortgages at higher rates from private lenders
Getting out from under $1.95T cap would allow bank to grow its deposit base, providing more room on the balance sheet to originate jumbo mortgages too big for Fannie and Freddie
Mortgage giants will be allowed to back loans of up to $1.2M in high-cost markets, providing ammo to critics who say goverment backing for mortgages adds to affordability woes
Demand for purchase mortgages fell by a seasonally adjusted 7% last week, and requests to refinance were down 26% as mortgage rates continued to climb, MBA survey finds
Rocket will treat loans of up to $802,650 as conforming ahead of expected increase. Last year UWM and Rate also got a jump on the official announcement by Fannie and Freddie's regulator
Applications for purchase mortgages dropped last week for the 2nd week in a row as rising home prices continue to shut many would-be homebuyers out of the market: MBA survey
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
Rates have been in retreat as bond market investors who fund most mortgage loans react to the latest economic news and scaleback in 'quantitative tightening' by Fed policymakers
Wall Street investors believe promises made by new leadership of New York Community Bancorp, but concerns about the impact of interest rates and commercial lending on regional banks remain
After 2 consecutive weeks of rising demand, applications for purchase mortgages dropped last week by a seasonally adjusted 1% from the week before, and by 14% from a year ago: MBA survey
Worries about commercial real estate are making jumbo mortgages costlier, since regional banks are a major provider of loans that are too big for Fannie Mae and Freddie Mac