Mortgage giants will be allowed to back loans of up to $1.2 million in high-cost markets, providing ammo to critics who say goverment backing for mortgages adds to affordability woes. Continue reading
Demand for purchase mortgages fell by a seasonally adjusted 7 percent last week, and requests to refinance were down 26 percent as mortgage rates continued to climb, MBA survey finds. Continue reading
CrossCountry Mortgage joins Rocket, Pennymac, UWM and Rate in raising conforming loan limit above current $766,550 cap for Fannie Mae and Freddie Mac ahead of an official announcement. Continue reading
With prices rising, it’s becoming standard operating procedure for big lenders like Rocket to help homebuyers avoid jumbo loan pricing by getting a jump on FHFA’s official announcement. Continue reading
Lenders have gotten into the habit of helping some homebuyers avoid jumbo loans by raising their limits before an official announcement by Fannie Mae and Freddie Mac’s federal regulator. Continue reading
Rocket will treat loans of up to $802,650 as conforming ahead of expected increase. Last year UWM and Guaranteed Rate also got a jump on the official announcement. Continue reading
Annual home price appreciation of 5.5 percent pushes FHA loan limits up to a minimum of $498,257 in affordable markets, and to a ceiling of up to $1.72 million in high-cost states like Alaska and Hawaii. Continue reading
Surge in Q3 home price appreciation pushes conforming loan limit in high-cost markets to $1,149,825 for one-unit properties, and up to $2,211,600 for four-unit properties. Continue reading
Following Rocket’s lead, UWM and Guaranteed Rate say they’ll price mortgages of up to $750,000 as if they’re eligible for purchase by Fannie Mae and Freddie Mac in anticipation of expected 2024 increases. Continue reading
The move could help qualifying borrowers avoid taking out a jumbo mortgage at a higher rate as Rocket gets a jump on an expected increase in Fannie Mae and Freddie Mac’s 2024 loan limits. Continue reading