Starting next year, Freddie Mac and Fannie Mae will raise the limit for government-backed conforming loans issued in the Bay Area to $1,089,300 — up from the current limit of $970,800.
The federal government has decided to raise the limit on mortgages it secures to just over $1 million, a move that will give Bay Area home buyers a measure of relief from rising interest rates.
Currently, the average rate on a 30-year loan is about 6.6% nationwide, according to Freddie Mac. The rate on a loan not secured by the government, currently any loan above $970,800, is an average of 6.9%, according to Bankrate.com. “Any assistance that can be given to make ownership more available is welcome, but it has to be put in perspective,” Regan said.
Home prices have fallen in the second half of this year, but that’s largely because rising interest rates have squeezed many buyers out of the market. The higher rates — now more than double the historic lows of around 3% during the middle of the pandemic — can mean monthly mortgage payments that are thousands of dollars more expensive.
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