Karla Murtaugh Real Estate Report: Mortgage Rates Hit Their Highest Point Since July

Editor's note: thank you to Karla Murtaugh for updating readers on status of local real estate market

While mortgage rates remain historically low, there has been a slight increase over the past few months, resulting in borrowers paying more over the life of the loan. Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS^®), showing the average 30-year fixed mortgage rate moving to its highest mark since July. 

According to Karla Murtaugh, one of Ridgefield’s top real estate agents, this is not catastrophic news by any means.  “But it is one area of consideration, and sooner might be better than later if you are a buyer looking to jump into the market,” she says.

Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 16:

• 30-year fixed-rate mortgages: averaged 3.95 percent, with an average 0.5 point, rising from last week’s 3.90 percent average. Last year at this time, 30-year rates averaged 3.94 percent.
• 15-year fixed-rate mortgages: averaged 3.31 percent, with an average 0.5 point, rising from last week’s 3.24 percent average. A year ago, 15-year rates averaged 3.14 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.21 percent this week, with an average 0.4 point, falling slightly from last week’s 3.22 percent average. A year ago, 5-year ARMs averaged 3.07 percent.

“The takeaway,” says Murtaugh, “is that borrowing is still the least expensive it's ever been, and there are also other reasons you should take advantage of the real estate market right now.”  She notes that there is generally less competition for each property, realistic pricing by sellers who are serious about needing to move, and a general sense among buyers that they may get a ‘better deal’.  And while this is not necessarily the case, the traditionally quieter Holiday period can be a great time to begin your search.

Learn more about Karla Murtaugh HERE.

Learn more about 285 West Lane, the magnificent home shown in this post here.