Homebuyers scramble to take advantage of large loans while they still can

Due to the fact that moving is such a big decision, most families will often take their time and move at their own pace. However, for those looking to take advantage of government-backed mortgages, the clock is something they're now taking into account.

According to Reuters, Fannie Mae and Freddie Mac will soon dial back the size of government-backed mortgages starting in the fall.

This fact is complicating matters for those planning on moving to major metropolitan areas, las some are planning their moves earlier than they had initially planned.

"If we wait a year, we may not be able to afford as big a house," Bethany Schreiber told Reuters, describing her pending move to the D.C. area. "Rates and housing prices are probably going to go up."

Recently, mortgage rates have been at historic lows. In fact, according to Freddie Mac's Weekly Primary Mortgage Market Survey, 30-year fixed-rate mortgages rose above 5 percent just 12 times since January 2010.

Nevertheless, tighter lending rules have made it more difficult for homeowners to land a mortgage. 

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