Sky High Home Prices Push Fannie Mae and Freddie Mac to Back Loans of Nearly $1 Million
Industry Update
November 30, 2021
Source: CNN
Home prices across the US have seen stratospheric increases within the past year as demand for homes spiked and inventory tanked.
And those higher prices have pushed mortgage giants Fannie Mae and Freddie Mac to raise the limits of government-backed loans to a record level for 2022, with the maximum loan limit at nearly $1 million for high-cost areas.
Third quarter home prices increased 18.5% from a year ago, according to the Federal Housing Finance Agency’s House Price Index, released Tuesday, marking the largest annual home price increase in the history of the index.
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