Conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac have jumped in most of the country to $647,200, an increase of $98,950 from 2021’s limit of $548,250. The higher levels are in response to rising home prices over the past year.

The new loan limits took effect Jan. 1.

The Federal Housing Finance Agency’s House Price Index shows that home prices rose 18.05%, on average, between the third quarters of 2020 and 2021. The 2022 conforming loan limits increased by the same percentage, the FHFA reports.

However, in areas where the local median home value exceeds the baseline conforming loan limit, the limits have risen more, the FHFA says. In higher-priced locations such as San Francisco and New York, the conforming loan limits for 2022 increased to $970,800. In 2021, that baseline was $822,375.

Find out the conforming loan limit for 2022 in your area at FHFA.gov. You can also view the interactive map below on the site.

Find out the conforming loan limit for 2022 in your area at FHFA.gov. You can also view the interactive map below on the site.

Mortgage rates stayed low for the final week of 2021, but housing analysts largely predict rates will be heading up in the coming weeks.

“Mortgage rates have been effectively been moving sideways despite the increase in new COVID cases,” says Sam Khater, Freddie Mac’s chief economist. “This is because incoming economic data suggests that the economy remains on firm ground, particularly cyclical industries like manufacturing and housing. Moreover, low interest rates and high asset valuations continue to drive consumer spending. While we do expect rates to rise, the push the first-time home buyer demographic that’s been propelling the purchase market will continue in 2022 and beyond.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 30:

• 30-year fixed-rate mortgages: averaged 3.11%, with an average 0.7 point, rising from last week’s 3.05% average. Last year at this time, 30-year rates averaged 2.67%.
• 15-year fixed-rate mortgages: averaged 2.33%, with an average 0.7 point, up from last week’s 2.30% average. A year ago, 15-year rates averaged 2.17%.
• 5-year hybrid adjustable-rate mortgages: averaged 2.41%, with an average 0.5 point, increasing from last week’s 2.37% average. A year ago, 5-year ARMs averaged 2.71%.

Freddie Mac reports national commitment rates along with average points to better reflect the total upfront cost of obtaining the mortgage.

Long-distance, state-to-state moves saw an increase this year, according to new U.S. Census Bureau data. Some states came out clear winners as they gained more new residents over the year.

MoveBuddha analyzed more than 400,000 relocation queries in 2021 to compile its 2021–2022 moving migration report to see the top growing and declining states and cities across the U.S.

Florida continues to post significant gains in new residents. It had the largest year-over-year growth for the ratio of inbound to outbound moves, jumping 43 percentage points from 2020 to 2021. In other words, more than twice as many people moved to Florida than left it, researchers note.

But in 2021, it was Montana that had the highest net inflow of moves per capita, with 73% of inbound moves. Billings, Mont. was the number one destination, according to MoveBuddha’s analysis.

Researchers note that, in general, Americans appear to be fleeing states with extremely high populations and close quarters in favor of areas with more space to spread out and those that have looser COVID protocols, such as Florida and Texas.

On a city-to-city basis, MoveBuddha researchers looked at the cities with the most inflow of new residents in 2021. These are cities that are keeping existing residents while attracting new ones at some of the highest rates.

Homeowners who face rising property taxes are often tempted to appeal. But in 2022, The Ascent, a Motley Fool publication, says that homeowners may not be as successful at lowering their bills as they may have in the past.

To be successful in a tax appeal, homeowners must prove that their home is overassessed. With rapidly rising home prices, that may be tougher to prove.

Property taxes are calculated by taking a home’s assessed value—the amount a local assessor thinks it could sell for—and multiplying it by the area’s local tax rate.

An appeal could prove more challenging next year because home prices have risen in many parts of the country. The National Association of REALTORS® has reported double-digit annual percentage gains in existing-home prices for the past year. In November, existing-home prices were up 13.9% compared to a year earlier.

Still, some homeowners may have success with an appeal. If they feel an assessment has risen by too much, they can appeal and show comparable sales at lower price points.

The amount that property taxes are expected to rise due to higher home prices will vary greatly across the country. Changes even in a home’s assessed value are not completed at the same time everywhere; some local assessors may do it in a cycle of one year or even five years.

“It depends on where you live as to when those changes in property values that we are seeing take place,” Marc Pfeiffer, senior policy fellow and assistant director at the Bloustein Local Government Research Center at Rutgers University in New Brunswick, N.J, told Barrons.com.

Brokers were busy helping to prepare their agents to navigate a competitive housing market in these top-read articles of 2021 at REALTOR® Magazine.

Prepare buyers for steep competition and what they may need to include in their offer.

As kitchens get a robust workout due to more people cooking and working at home, design professions have responded with chic, functional updates.

Real estate pros can share this information with their sellers to ensure their estate sale runs smoothly.

Inventory is bleak, but there are still ways brokers and agents can help their clients find the right home.

Whether you’re selling a house or looking to attract more business, these strategies will help.

The second season of “First-Time Buyer,” which shows REALTORS® guiding their clients on their home buyer journey, is now available to stream on Hulu. The show is produced by the National Association of REALTORS®.

The eight-episode season follows a different couple, family, or individual through the process of buying a home.

“‘First-Time Buyer’ gives viewers a genuine inside look into the emotions our clients face as they go through the homebuying process,” says Leslie Rouda Smith, NAR’s president. “This series does a fantastic job of showing how REALTORS® help their clients navigate all the challenges that can pop up during a transaction to ensure a successful and secure first home purchase.”

The new season features REALTORS® from Colorado, Kansas, Missouri, New Jersey, New York, North Carolina, and South Carolina.

“The appeal in these stories is that they feature people that you can relate to,” says Alicia Bailey, NAR’s head of production. “They face many of the common first-timer fears that can often prevent someone from starting or continuing their home search. We also see firsthand how REALTORS®’ expertise is invaluable when facing the unexpected. Sometimes you need an expert to help make a milestone decision with confidence.”

“First-Time Buyer” is an extension of NAR’s consumer advertising campaign, which highlights the REALTOR® brand by spotlighting REALTORS®’ commitment to the association’s Code of Ethics and how that distinguishes REALTORS® from non-member real estate agents and listing apps.

All episodes from season one of “First-Time Buyer” are available to stream for free on YouTube and Facebook and at https://firsttimebuyer.realtor.

More single-family and condo homes were flipped in the third quarter compared to the second quarter. Home flips accounted for 5.7% of home sales in the third quarter, according to the Q3 2021 U.S. Home Flipping Report released by ATTOM Data Solutions. But while flipping activity is edging higher, profits aren’t. Read more: Home Flipping Rises, Even as Profits Shrink

Still, in some areas of the country, home flipping remains a hot business. Researchers define a flip as a situation in which the purchase and the sale of a property occur within 12 months.

ATTOM Data Solutions reports the following 10 U.S. counties saw the highest home flipping rates in the third quarter.

1. Camden County, N.C.: 15.9%
2. Lumpkin County, Ga.: 15.1%
3. Logan County, Ky.: 14.7%
4. Canadian County, Okla.: 14.4%
5. Adams County, Ohio: 13.4%
6. Iberville County, La.: 12.5%
7. Mccurtain County, Okla.: 12.5%
8. Palo Pinto County, Texas: 12.4%
9. Fannin County, Ga.: 12.2%
10. Dekalb County, Tenn.: 12.1%

In the third quarter, home flippers took an average of 147 days to complete the transactions. In the following counties, home flippers are quickest with their flips, taking the shortest average time for a transaction:

• Marion County, Ore.: 23 average days to flip
• Cape May County, N.J.: 37 days
• Lumpkin County, Ga.: 38 days
• Liberty County, Ga.: 42 days
• Kauai County, Hawaii: 48 days