NAR President Applauds FHFA Raising the Conforming Loan Limits

WASHINGTON (December 1, 2021) – National Association of Realtors® President Leslie Rouda Smith issued the following statement after the Federal Housing Finance Agency (FHFA) yesterday unveiled 2022 loan limits for Fannie Mae and Freddie Mac. GSE loan limits rose by 18.05% to $647,200 nationally and $970,800 in high-cost markets, while an announcement from the Federal Housing Administration is expected in the coming weeks. NAR's latest Existing Home Sales report showed the median existing-home sales price increased 13.1% year-over-year to $353,900. From one year ago, the inventory of unsold homes decreased 12% to 1.25 million – equivalent to 2.4 months of the monthly sales pace.

"With the continuous rising of home prices, the National Association of Realtors® appreciates the FHFA resetting the national and high-cost conforming loan limits," said Rouda Smith. "Fannie Mae and Freddie Mac are critical to providing funding to the housing market as we've seen throughout the pandemic and decades before it. The FHFA's actions will continue to ensure liquidity for home purchase market."

The FHFA's limits define the maximum one unit single-family mortgage amounts that Fannie Mae and Freddie Mac may finance and are also used to define the loan limits for the FHA's program.

The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

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