The maximum size of home-mortgage loans eligible for backing by Fannie Mae and Freddie Mac will rise to $1,089,300 next year
The higher limits are likely to renew a debate about how big of a mortgage is too big to be. Critics of Fannie and Freddie’s large role say borrowers who can afford million-dollar mortgages should be able to finance a home without government-backed financing.
Mortgage-interest rates have risen rapidly this year, cracking 7% for the first time in two decades.
The median sales price of an existing single-family home was up 8.6% in the third quarter from a year earlier.
WSJ 29 November 2022