Fannie Mae and Freddie Mac each year set criteria on what constitutes a conforming loan, based on the October-to-October changes in mean home price, above which a mortgage is considered a jumbo loan, and typically has higher rates associated with it.
Fannie Mae set criteria on what constitutes a conforming loan. This was based on the October-to-October changes in mean home price. Freddie Mac each year set criteria on what constitutes a conforming loan. This was based on the October-to-October changes in mean home price. Fannie Mae typically has higher rates. Freddie Mac each year typically has higher rates. These higher rates are associated with it. A mortgage is considered a jumbo loan above mean home price.