The short-term interest rates are expected to jump a quarter of a percent higher after the Fed’s two-day meeting commencing on Wednesday afternoon. Investors have priced this rate-hike into the mortgage market over the last couple of weeks so we are not expecting any significant changes to the 30-year mortgage interest rates upon the Fed’s announcement. The 30-Year Conventional mortgage is between 4.00% and 4.125% (APR: 4.1% – 4.2%).
Fannie Mae and Freddie Mac announced in late November increases to the conforming loan limits beginning January 1, 2018. Below are the maximum loan limits per the number of units for loans closing in the new year:
# of Units 2018 Max Amount