Fannie Mae, Freddie Mac to raise loan limit for mortgage acquisitions by $40,000

The Federal Housing Finance Agency today announced that the baseline conforming loan limit values for mortgages that Fannie Mae and Freddie Mac will acquire in 2024 will increase by more than $40,000 from the previous year, to $766,550 for one-unit properties. House prices in the U.S. increased by an average of 5.56% between the third quarters of 2022 and 2023, according to the agency’s House Price Index. Therefore, the baseline conforming loan limit in 2024 will increase by the same percentage, as required by law.

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