Dynamically changing font size of UILabel

I currently have a UILabel:

factLabel = [[UILabel alloc] initWithFrame:CGRectMake(20, 100, 280, 100)];
factLabel.text = @"some text some text some text some text";
factLabel.backgroundColor = [UIColor clearColor];
factLabel.lineBreakMode = UILineBreakModeWordWrap;
factLabel.numberOfLines = 10;
[self.view addSubview:factLabel];

Throughout the life of my iOS application, factLabel gets a bunch of different values. Some with multiple sentences, others with just 5 or 6 words.

How can I set up the UILabel so that the font size changes so that the text always fits in the bounds I defined?

Single line:

factLabel.numberOfLines = 1;
factLabel.minimumFontSize = 8;
factLabel.adjustsFontSizeToFitWidth = YES;

The above code will adjust your text's font size down to (for example) 8 trying to fit your text within the label. numberOfLines = 1 is mandatory.

Multiple lines:

For numberOfLines > 1 there is a method to figure out the size of final text through NSString's sizeWithFont:... UIKit addition methods, for example:

CGSize lLabelSize = [yourText sizeWithFont:factLabel.font
                                  forWidth:factLabel.frame.size.width
                             lineBreakMode:factLabel.lineBreakMode];

After that you can just resize your label using resulting lLabelSize, for example (assuming that you will change only label's height):

factLabel.frame = CGRectMake(factLabel.frame.origin.x, factLabel.frame.origin.y, factLabel.frame.size.width, lLabelSize.height);

iOS6

Single line:

Starting with iOS6, minimumFontSize has been deprecated. The line

factLabel.minimumFontSize = 8.;

can be changed to:

factLabel.minimumScaleFactor = 8./factLabel.font.pointSize;

iOS7

Multiple lines:

Starting with iOS7, sizeWithFont becomes deprecated. Multiline case is reduced to:

factLabel.numberOfLines = 0;
factLabel.lineBreakMode = NSLineBreakByWordWrapping;
CGSize maximumLabelSize = CGSizeMake(factLabel.frame.size.width, CGFLOAT_MAX);
CGSize expectSize = [factLabel sizeThatFits:maximumLabelSize];
factLabel.frame = CGRectMake(factLabel.frame.origin.x, factLabel.frame.origin.y, expectSize.width, expectSize.height);

iOS 13 (Swift 5):

label.adjustsFontSizeToFitWidth = true
label.minimumScaleFactor = 0.5

minimumFontSize has been deprecated with iOS 6. You can use minimumScaleFactor.

yourLabel.adjustsFontSizeToFitWidth=YES;
yourLabel.minimumScaleFactor=0.5;

This will take care of your font size according width of label and text.