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Fannie Mae announced it will be issuing a rate increase for second home and high-balance loans this spring.
There is big news for borrowers: the conforming loan limits are increasing from $548,250 to $647,200.
The Fed will be purchasing mortgage-backed securities to until the market solidifies.
The Federal Housing Finance Agency (FHFA) sets a baseline loan limit across the country.
An adjustable-rate mortgage (ARM) is a loan program made up of two parts: a fixed rate period, and a series of rate adjustment periods.