FHFA Increases Conforming Loan Limits for 2021
The Federal Housing Finance Agency announced the maximum conforming loan limits for mortgages would be increasing in 2021. The new loan limits for one-unit properties will be $548,250, increasing from the 2020 limit of $510,400. The Housing and Economic Recovery Act (HERA) requires that the baseline confirming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the average U.S. home price. According to the seasonally adjusted Housing Price Index, home prices increased 7.42% between the third quarters of 2019 and 2020, therefore the conforming loan limit will increase the same amount. Areas of the country in which 115% of the local median home value exceeds the baseline CLL, the maximum loan limit will be higher than the baseline loan limit. HERA establishes the maximum loan limit in those areas as a multiple of the area median home value, while setting a “ceiling” on that limit of 150% of the baseline loan...Mortgage Application Volume Hits New High
After two weeks of small decreases, the mortgage application numbers have increased 3.9% over the past week according to a report from the Mortgage Bankers Association. The refinance application volume jumped even higher, hitting a 5% increase last week and is now up 79% over last year’s totals from the same week. Refinances are now making up 71.1% of total mortgage applications. This week continued the over six month period of purchase activity being up over the same time last...Mortgage Refinance Application Volume Jumps
Total home mortgage application volume dipped 0.5% last week after a 3.8% jump to end October according to a report from the Mortgage Bankers Association. However, the refinance volume increased by 1% from the previous week and is over 67% higher than this time in 2019. This 1% week-over-week increase is the highest increase in refinance applications since August of this year. Homebuying demand in total is up over 16% from last year, and would likely be even higher should more available homes be listed for sale to decrease competition. The FHA’s share of mortgage applications fell to 10.6% from 11.1%. The VA share of applications increased to 12.6% from...Another Refinance Wave Boosts Home Mortgage Applications Numbers
With home mortgage rates continuing to hover near record lows, mortgage application volume jumped 3.8% last week according to a report from the Mortgage Bankers Association. Refinance activity rose 6% from the previous week marking a level over 88% than this time last year. Refinance share’s of the application volume accounted for 68.7% of total applications this past week while we saw a small dip in purchase applications, falling 1%. Purchase applications are still 25% higher than the same week a year ago. The FHA’s share of applications fell to 11.1% from 11.7%. The VA share of applications increased to 12.2% from...Connect With Us
