The new conventional loan limits are available for 2026. In the Minneapolis St Paul metro area, the new limit is $832,750! It was $806,500 for 2025. These new limits are available now if you are buying a home and need a mortgage over the 2025 limits.
FHA will have new limits but they are not available until January 1, 2026. FHA requires case numbers to be ordered on or after January 1, 2026 to use the new limits. You need a case number to order an appraisal.
Other important news has to do with the government opening up and USDA loans are available again. We are also finally getting the economic reports that have been delayed with the shut down. Labor data shows limited job creation, highlighting the continued softness in the labor market. ADP private employment reports show a 32K decline in jobs. The report was expected to show an increase of 10K new jobs, this will help reinforce expectations for a rate cut at the December Fed meeting. After some reports in November, there was thoughts that the Fed would not cut rates in December, now we are expecting another .25 cut. We’ll see what happens when the Fed meets.
The concern is that mortgage rates may increase after the meeting depending on the announcement and comments by the Fed Chairman. If they cut rates, you will see rates decrease on things like home equity lines of credit but we may see mortgage rates increase or stay the same.
More to come as the meeting is held next week and we get continued economic reports! If you are looking for more information, please reach out!
Leslie Vanderwerf, NMLS ID#335509, CrossCountry Mortgage LLC, An Equal Housing Lender, NMLS#3029 – Email – Website
