Freddie Mac, Fannie Mae to Back $1 Million Mortgages

Expensive housing markets are about to cross a symbolic threshold.

1 minute read

November 30, 2022, 12:00 PM PST

For the first time, Fannie Mae and Freddie Mac will back mortgages of more than $1 million in the country’s most expensive regions.

According to a paywalled article by Andrew Ackerman in the Wall Street Journal, the change is “a reflection of the rapid appreciation in home prices nationally over the past few years even as the mortgage market has recently cooled.”

“The maximum size of home-mortgage loans eligible for backing by Fannie Mae and Freddie Mac will rise to $1,089,300 next year in high-cost markets, such as parts of California and New York, from $970,800 this year, the Federal Housing Finance Agency said Tuesday,” according to the article.

FULL STORY: U.S. Government to Backstop Mortgages Above $1 Million in High-Cost Areas

Tuesday, November 29, 2022 in The Wall Street Journal

Housing United States Mortgages Housing Crisis Fannie Mae and Freddie Mac Housing Costs View More

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