In most of the U.S including Pinellas County the 2023 conforming loan limit value for one-unit properties will be $726,200, a 12% increase from $647,200 in 2022. This is in the wake of an increase just a year ago from $548,250 to $647,200. Conforming loans are loans that meet guidelines set by Fannie Mae and Freddie Mac representing about 70% of all mortgages from lenders.
Mortgage rates decrease for third week in a row
Mortgage rates continued to drop this week as optimism grows around the prospect that the Federal Reserve will slow its pace of rate hikes. Even as rates decrease and house prices soften, economic uncertainty continues to limit homebuyer demand as we enter the last month of the year.
