The new rate is based on a median sale price of $210,000 in our area. Buyers and sellers should be happy about the increased spending capacity. A few more dollars available for FHA mortgage will help some buyers increase their home search to a slightly higher price range. Sellers should see more buyer activity but higher mortgage limits don’t compensate for overpriced listings. Search
The new limits don’t guarantee a specific interest rate. Mortgage interest rates fluctuate with the markets.
The slightly higher ceiling on a FHA mortgage impacts most buyers shopping in the $270,000 to $300,000 price range. Qualified buyers with a good size down payment will now have a few more home buying opportunities (after the 1st of the year).
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