Vacation-Home Buyers Propped Up the Mortgage Market. Now They Face a Test.

The pandemic set in motion a furious scramble to buy vacation homes. Now, curbs on financing those purchases will test that market’s resilience.

The number of buyers who locked in mortgage rates for second homes in February was up 93% from a year earlier, far outpacing the 32% climb for primary residences, according to real-estate brokerage Redfin Corp.

But Fannie Mae and Freddie Mac are putting up roadblocks. The two mortgage giants, whose government backing is crucial to holding down mortgage rates, earlier this year began to cap how many of these loans it purchases, at the direction of federal

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