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Housing Policy Council Statement on the 2024 Conforming Loan Limits

FOR IMMEDIATE RELEASE: November 29, 2023

Washington, D.C. – The Housing Policy Council (HPC) issued the following statement today in response to the Federal Housing Finance Agency’s announcement of increased conforming loan limits:

“FHFA announced today that in 2024, Fannie Mae and Freddie Mac will be able to purchase mortgages of up to $1,149,825 in certain high-cost areas in the United States and $766,550 in the rest of the country.

This means that American taxpayers will be backing mortgages that may be more than ten times the median income of American households, which was $74,580 in 2022. And in high-cost areas, that backing may cover mortgages more than 15 times the national median household income.

In 2013, President Obama called for a reduction in conforming and FHA loan limits to restore the balance between taxpayer-backed lending and private lending. Yet ten years later, today’s announcement continues the relentless march of our housing finance system away from relying on private capital.

Today’s announcement threatens to exacerbate the affordability crisis and increase the housing finance system’s over reliance on government backing.

As we warned in 2022 and 2021, the question of the appropriate role of the government in the housing finance system has gone unanswered for far too long. The Housing Policy Council urges Congress and the Biden Administration to take up this question soon.”


About HPC: The Housing Policy Council is a trade association comprised of the leading national mortgage lenders and servicers; mortgage, hazard, and title insurers; and technology and data companies. Our interest is in the safety and soundness of the housing finance system, the equitable and consistent regulatory treatment of all market participants, and the promotion of lending practices that create sustainable homeownership opportunities in support of vibrant communities and long-term wealth-building for families. For more information, visit



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