Housing

The Federal Housing Finance Agency said Wednesday that conforming loan limits for mortgages purchased by Fannie Mae and Freddie Mac will remain at existing levels except in 39 high-cost counties.

Mortgage applications fell 3.2% on a seasonally adjusted basis for the week ending Nov. 20 compared to one week earlier, according to the Mortgage Bankers Association.

Home prices rose 5.7% in the third quarter from a year earlier as buyers competed for a tight supply of properties on the market.

A new Fannie Mae program allowing non-borrower income to count in qualifying homeowners for low-down-payment loans received near-universal praise from industry representatives and federal officials at a recent housing symposium.

Rising incomes and other affordability markers have tempered the impact of rising home prices in hot West Coast markets, according to Pro Teck Valuation Services.

Home prices in 20 U.S. cities climbed more than forecast in September from the same month last year, signaling residential real estate is sustaining momentum.

Current market conditions have caused existing-home sales capacity to recede in October, according to a report by First American Financial Corp.

Sales of previously owned homes retreated in October from the second-highest level since 2007 as lean inventory limited momentum in residential real estate.

The percentage of consumers applying for credit remained steady through October as refinancing increased, but more consumers became discouraged by the process, according to the Federal Reserve Bank of New York.

Higher mortgage rates and other macroeconomic challenges may dampen lending under the Federal Housing Administration's single-family program, but they will produce a net benefit to the insurance fund. Here's why.