On November 29th, 2022, the Federal Housing Finance Agency announced it will raise conforming loan limits for mortgages that are to be acquired by Fannie Mae or Freddie Mac in 2023. In most of the country, the new limit will be $726,200, an increase of $79,000 over the 2022 limit. This increase mirrors a 12.21% average increase in home prices between the third quarters of 2021 and 2022. High-cost areas will have a higher conforming loan limit ceiling of $1,089,000. For more information, lists, and maps of the new loan limits, please click this link.
