Posts with tag 'mortgage '
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DOJ files Statement of Interest on NAR's Broker Commission Settlement
Over the weekend, the U.S. Department of Justice (DOJ) filed a "Statement of Interest" related to NAR's proposed settlement of claims regarding broker commissions. Based on their dialogue with the DOJ over the course of this year, NAR had expected this possibility.
In its statement, the DOJ raised concerns about the requirement that MLS Participants must enter a written buyer agreement when they are working with buyers prior to touring a home. A new California law requires buyers and their brokers to enter into written agreements, so the DOJ's concerns should not have much impact in California.
The DOJ is not a party to the settlement agreement or a class member. The Court may consider the DOJ's perspective alongside the other arguments made by objectors and will decide whether to grant final approval soon.
NAR will continue to advocate for final approval in the lead-up to and at the Nov. 26 hearing.
Nov. 25, 2024
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Current loan rates vary by type of loan and the length of the loan term
- 30-year fixed rate: 6.91% interest rate and 6.96% APR
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FHFA announces 2025 conforming loan limits
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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