Posts from January 2025

For release:
January 13, 2025

California REALTORS® support plans to stabilize availability of homeowners insurance

LOS ANGELES (Jan. 13) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) issued the following statement in response to actions announced last week to address California's insurance crisis and help homeowners affected by the Southern California wildfires.

"As Los Angeles reels from the devastating fires that have resulted in the loss of homes, businesses, schools, and neighborhoods, we are encouraged by the proactive measures taken by policymakers to tackle the homeowners insurance crisis.

The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) has actively worked with state leaders since the beginning of the insurance crisis and is supporting Assembly Bill 226, authored by Assembly Insurance Committee Chair Lisa Calderon and Assemblymember David Alvar...

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• Mortgage rates: As of January 8, 2025, mortgage rates are:
  • 30-year fixed: 6.72% 

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The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values for mortgages acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2025. The conforming loan limit is $806,500 on one-unit properties and a cap of $1,209,750 in high-cost areas. The previous loan limits were $766,550 and $1,149,825, respectively.

The conforming loan limit determines the maximum size of a mortgage that government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or "guarantee." Non-conforming or "jumbo loans" typically have tighter underwriting standards and sometimes carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.

C.A.R. and NAR both have long advocated for loan limits that reflect an area's cost of housing. As a result of C.A.R.'s and NAR's efforts, areas with high me...

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