However, the magic word here is вЂњarguably.вЂќ With borrowing costs so low, it is questionable how much difference the Fannie and Freddie backing would make to prices, certainly at the higher end. At least arguably, this increase will add more fuel to a fire burning merrily away, for the most part because of underbuilding and, somewhat ironically under the circumstances, ultra-low interest rates (mortgages that fall below the limit will, thanks to Fannie and FreddieвЂ™s backing, typically be cheaper). We will know the exact numbers at the end of the month.ДЄt the same time, we are living at a time of substantial house-price inflation (existing-home prices rose by 16 percent in the third quarterВ compared with last year, the fastest rate in more than half a century). As the WSJ explains, the limits are вЂњupdated annually using a formula that factors in average housing-price increases nationwide.вЂќ In certain parts of the country where housing is expensive, that updating will take the limit up to close to $1 million. ItвЂ™s easy enough to understand why the increase has happened.

The increase may make it easier and cheaper for some borrowers to buy a home, particularly in more expensive areas of the country, but the higher limits are also likely to elevate debate about how big of a mortgage is too big to be backed by the government. The maximum size of home-mortgage loans eligible for backing by Fannie MaeВ and Freddie MacВ are expected to jump sharply in 2022, a reflection of the rapid appreciation in home pricesВ nationally over the past year. The federal government is about to back mortgages of nearly $1 million for the first time. Single-family home construction in Valley Center, Calif., June 3, 2021. The prospects of new restrictive gun laws being passed seems more remote now than it has in decades. There are plenty of states represented by Democrats in Congress - Arizona, West Virginia, Virginia, and Georgia come to mind -В that have relatively high levels of gun ownership. What should really worry Democrats, however, is that the decrease in the Gallup poll was largely driven by a 15-point drop among independents. And it is always the case that when Democrats win elections -В the kind of people who will nominate a notorious antiвЂ“Second Amendment activist to head up the ATF - anxiety among gun owners grows. The defund-the-police movement -В which a number of mainstream Democrats, caught up in the moment, flirted with - and rising homicide rates didnвЂ™t help, either. Indeed, not an insignificant number of Americans were likely dismayed as officials allowed rioters to take over sections of major cities in the summer of 2020. There have been other gun-buying surges in American history, in the 1950s for instance, but the new gun owner isnвЂ™t buying hunting rifles, but semiauto handguns for personal protection. And the pace hasnвЂ™t slowed (with many people using their stimulus checks to stock up on new weapons). Without gun shortages, that numbers would likely have been significantly higher. Women accounted for somewhere around 40 percent of those people. In 2020, there were 8.4 million first-timeВ gun buyers. Some of this movement is almost surely attributable to the fact that weвЂ™re in the middle of the greatest expansion of gun ownership in American history. And imagine what those polls would look like if more Americans understood that the vast majority of gun owners do go through background checks? In 2020, there was seven-point drop and another five-point one this year. In 1990, the percentage that supported stricter laws was 78 percent. For context: After the Parkland school shooting in 2018, support for gun control hit its highest level since 1993 at 67 percent. A new Gallup poll finds that American support for вЂњstricter gun controlвЂќ has fallen to 52 percent, the lowest itвЂ™s been since 2014. Polls that gauge support for вЂњgun controlвЂќ measures are imperfect, but long-term surveys do offer some useful insight into trends. A person shops for a handgun at Frontier Arms & Supply gun shop in Cheyenne, Wyo., March 18, 2020.

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