As Housing Market Remains Red-Hot, Federal Government To Back Mortgages Nearing $1 Million

As Housing Market Remains Red-Hot, Federal Government To Back Mortgages Nearing $1 Million


Government mortgage companies Fannie Mae and Freddie Mac will begin backing home loans nearing $1 million.

The move comes as real estate prices continue to rise — and as the housing market witnesses a blistering pace of sales. The most recent report from the National Association of Realtors says that average home prices have climbed by 13% year-over-year to $352,800.

The Wall Street Journal said:

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The maximum size of home-mortgage loans eligible for backing by Fannie Mae and Freddie Mac are expected to jump sharply in 2022, a reflection of the rapid appreciation in home prices nationally over the past year.

The increase may make it easier and cheaper for some borrowers to buy a home, particularly in more expensive areas of the country, but the higher limits are

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