The increase in conforming loan limits for 2024 set by the Federal Housing Finance Agency, will make it easier for homebuyers to take on the higher mortgage loans needed to buy a home in a highly priced market like Massachusetts.
While surging inflation and mortgage rates stymied the residential mortgage market this year, the industry has greeted the recent increase to next year’s conforming loan limits with optimism.
The maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac will increase by 12 percent in 2023, with the limit for two Massachusetts counties exceeding $1 million.
The mortgage market is in for another big shift in a few months. That’s when a sizable increase – roughly 12 percent or 13 percent – in the conforming loan limit appears likely to be announced.
