U.S. government to back mortgages of more than $1M

The federal government plans to back mortgages of more than $1 million, catching up with the dramatic rise in U.S. home prices in recent years. The 2023 limit for mortgages on singlefamily homes in high-cost areas, such as parts of New York and California, will be $1.089 million, the Federal Housing Finance Agency said. That threshold, for loans to be acquired by Fannie Mae and Freddie Mac, is up from the 2022 limit of $970,800. For most of the U.S., the limit will be $726,200, up from $647,200 this year.