Feds to Back Mortgages up to $1.15 Million 

Government lenders Fannie Mae and Freddie Mac increased their maximum home loan to $1.15 million for 2024, a new record, to keep in line with rising house prices.

That loan amount is only for specific high-cost areas. Most U.S. counties will be capped at $766,550 next year, up from $726,200 this year.

In some high-cost cities, such as San Francisco and San Jose, 80% of the homes cost more than $1 million. Here’s a ranking of the top 15 metro areas by share of million-dollar residences.