Shelter Six: Conforming Loan Limit Shoots Up to $548,250

The 2021 Maximum Conforming loan limit for loans purchased by Fannie Mae and Freddie Mac is increasing 7.42% from $510,400 to $548,250.

The 2-Unit limit is increasing to $702,000, the 3-Unit limit to $848,500, and the 4-Unit limit to $1,054,500.

October New Home Sales remained steady around 1M units for the fourth straight month.

The October Core PCE Price Index was just 1.4% higher than a year ago, down from last month’s 1.5%, and well below the Fed’s stated target of 2%.

Great news for 2021 home sales, a recent Lending Tree survey found that 46% of Americans are thinking about moving within the next year.

Respondents indicated that 44% are seeking a reduction in living expenses, 27% a larger home, 27% different home features, and 12% a different part of town in which to live.

Rate Update

There has never been a better time to lock in a rate as pandemic and economic concerns have driven rates back down near all-time lows and well under 3%.

This Week

The highly anticipated monthly Employment figures are due out on Friday.