Because it's mandated by the Housing and economic Recovery Act, we knew that conforming loan limits would be going up this year, and that the FHFA tends to announce the change following its 3rd quarter home price data. We just didn't know exactly what the increase would be.
Following today's announcement of a 6.8% annual increase (Q3 vs Q3), FHFA has upped the conforming loan limits as follows:
- $453,100 (vs $424,100 in 2017)
- High cost area ceiling: $679,650
Here are several links pertaining to the news: