FHFA Raises Conforming Loan Limit Values for 2024

WASHINGTON—The Federal Housing Finance Agency has announced new conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of $40,350 from 2023.

However, in some high cost areas, including the Bronx, Manhattan, Westchester, Rockland and Putnam counties in the HGAR market area, the new conforming loan limit for one-unit properties will be $1,149,825.

The Housing and Economic Recovery Act requires FHFA to adjust the Enterprises’ baseline CLL value each year to reflect the change in the average U.S. home price. Earlier this week, FHFA published its third quarter 2023 FHF​A House Price Index report, which includes statistics for the increase in the average U.S. home value over the last four quarters. According to the nominal, seasonally adjusted, expanded-data FHFA HPI, house prices increased 5.56%, on average, between the third quarters of 2022 and 2023. Therefore, the baseline CLL in 2024 will increase by the same percentage.

High-Cost Areas

For areas in which 115% of the local median home value exceeds the baseline conforming loan limit value, the applicable loan limit will be higher than the baseline loan limit. HERA establishes the high-cost area limit in those areas as a multiple of the area median home value, while setting the ceiling at 150% of the baseline limit. Median home values generally increased in high-cost areas in 2023, which increased their CLL values. The new ceiling loan limit for one-unit properties will be $1,149,825, which is 150% of $766,550.

Special statutory provisions establish different loan limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limits will be $1,149,825 for one-unit properties.

Due to rising home values, the CLL values will be higher in all but five U.S. counties or county equivalents.

New 2024 Fannie Mae and Freddie Mac Conforming Loan Rates

County                One-Unit             Two Units

Bronx                     $1,149,825             $1,472250

New York              $1,149,825              $1,472250

Orange                   $  766,550              $  981,500

Putnam                  $1,149,825              $1,472250

Rockland               $1,149,825              $1,472250

Sullivan                  $  766,550             $  981,500

Westchester          $1,149,825            $1,472250