Housing Bubble
Freddie Mac announces new loan limits
Freddie Mac today announced that it will increase its single-family mortgage loan limit from $300,700 to $322,700 effective January 1, 2003. The 7.3 percent change is consistent with the increase in the national average home price between October 2001 and October 2002 as recorded by the Federal Housing Finance Board (FHFB) and announced today.
"This is wonderful news for America's families," said Leland C. Brendsel, Chairman and CEO. "The increase in Freddie Mac's loan limit makes it possible for Freddie Mac and our lender customers to help more families across America obtain low- cost mortgage financing."
The increase in the single-family mortgage loan limit makes it possible for an estimated 250,000 additional families to obtain lower cost mortgage financing. Freddie Mac estimates that total mortgage interest savings for a borrower with a typical 30-year mortgage at the new conforming loan limit is approximately $37,700 over the life of the loan.
The new loan limits for mortgages on one family properties will be $322,700, up from $300,700.
Source: PRNewswire-FirstCall
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