What is happening with interest rates? Are mortgage rates going up or down in 2021? Should you wait on buying a house or refinance home mortgage? How is affordability currently being affected by interest rates? In this video, Josh Lewis of Buywise Mortgage and myself give an interest rate forecast for 2021, discuss how affordability isn’t as big of an issue as some may think and also talk about the new conforming loan limits and how that could push buyer demand even higher in the housing market 2021.
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Articles referenced in this video:
➜➜FHFA Announces Conforming Loan Limits for 2021 – https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Conforming-Loan-Limits-for-2021.aspx
The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. In most of the U.S., the 2021 maximum conforming loan limit (CLL) for one-unit properties will be $548,250, an increase from $510,400 in 2020.
High-cost area limits
For areas in which 115 percent of the local median home value exceeds the baseline CLL, the maximum loan limit will be higher than the baseline loan limit. HERA establishes the maximum loan limit in those areas as a multiple of the area median home value, while setting a “ceiling” on that limit of 150 percent of the baseline loan limit. Median home values generally increased in high-cost areas in 2020, driving up the maximum loan limits in many areas. The new ceiling loan limit for one-unit properties in most high-cost areas will be $822,375 — or 150 percent of $548,250.
Please let me know your thoughts below: what are your predictions for the housing market 2021 forecast and the housing market 2021 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house?
Do you believe a house market crash 2021 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?
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Jeb Smith (huntington beach Realtor/orange county real estate)
Coldwell Banker Realty
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