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November 30, 2004 03:20 PM

More Mortgages To Be 'Conforming'


Excerpt: Thousands of U.S. homeowners will be able to take advantage of slightly better mortgage terms in 2005 as a hike in the conforming-loan limit will allow mortgage giants Fannie Mae and Freddie Mac to purchase bigger loans.


Thousands of U.S. homeowners will be able to take advantage of slightly better mortgage terms in 2005 as a hike in the conforming-loan limit will allow mortgage giants Fannie Mae and Freddie Mac to purchase bigger loans.

Fannie Mae (FNM: news, chart, profile) and Freddie Mac (FRE: news, chart, profile) said Tuesday that effective Jan. 1, their single-family loan limits would move up to $359,650 from $333,700 this year. The increase is based on the October-to-October changes in average U.S. house prices as published by the Federal Housing Finance Board and on guidance issued by the Office of Federal Housing Enterprise Oversight.

Based on both new and existing properties, the finance board said the average price of a U.S. home was $264,540 last month, up 8.5 percent from $243,756 in October 2003. The figures come from the board's monthly survey of lenders.

This year's increase in the loan limit marks a significant jump over the 3.4 percent rise in October 2003, but it's more in line with the two years prior to that, when prices rose by 7.3 percent and by 9.3 percent.

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Read all 22 posts in the same category of Home and Mortgage:

A New Way to Hedge Your Home's Paper Profit - Dec 12, 2004
California, U.S. in a Housing 'Bubble,' UCLA Forecast Says - Dec 11, 2004
21st-Century Landlords - Dec 10, 2004
Get Real About Real Estate - Dec 09, 2004
Can There Be Too Many Homeowners? - Dec 06, 2004
Selling Your Home - Dec 06, 2004
Conforming Mortgage Loan Limits Rise For 2005 - Dec 04, 2004
12 Tips For Wise Use Of Equity - Dec 01, 2004
Housing Wealth Reverberates - Nov 30, 2004
Realtors Engage In Turf Battle With Discounters - Nov 28, 2004
Expanding The American Dream Commitment - Nov 26, 2004
'Tis the Season to Fix Up Your House - Nov 26, 2004
Sell Your Home — Fast - Nov 26, 2004
Most Expensive Gated Communities In America 2004 - Nov 26, 2004
Exchanging Real Estate Tax Free - Nov 25, 2004
Home Equity For The Holidays? OK, With Caution. - Nov 25, 2004
Does It Pay To Save? - Nov 23, 2004
The High Earner/Poor Saver - Nov 20, 2004
Six-Figure Zip Codes - Nov 20, 2004
Buyer's Home Feature Preferences Reflect Lifestyles - Nov 16, 2004
Pattern of Strong Home-Price Gains Continues in Most Metro Areas - Nov 16, 2004