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Fannie, Freddie Expected to Back Mortgages of Nearly $1 Million

The rapid rise in home prices over the past year is prompting Fannie Mae and Freddie Mac to revisit the maximum size of home mortgages they will back for 2022, possibly increasing to nearly $1 million in some areas, The Wall Street Journal reports.

That would mark a sharp jump compared to this year: The government-backed enterprises currently back single-family mortgages to $548,250 in many parts of the country and to $822,375 in pricier areas, such as California and New York.

The Wall Street Journal is reporting that the baseline levels are expected to jump to about $650,000 in many areas and to just under $1 million in high-cost areas.

Link to Article: https://www.wsj.com/articles/fannie-mae-freddie-mac-to-back-home-loans-of-nearly-1-million-as-prices-soar-11637071380

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