Fannie Mae and Freddie Mac have announced that their loan limits for single-family homes will rise to $240,000 next year, from $227,150.

The 5.67% increase in the loan limit was announced last week, after the Federal Housing Finance Board said the average purchase price for a single- family home was up 5.2% from a year earlier, to $175,200. Both Fannie and Freddie use the October figure each year to adjust the maximum size of mortgage loans they buy. The slight difference in the percentage change reflects a change in methodology, a finance board spokesman said.

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