Moorpark CA Real Estate
Tina Hare
805-990-7580805-990-7580

Why Moorpark Mortgage Interest Rate Rises Concern Shoppers

Ventura County mortgage interest rate

 

Why Moorpark Mortgage Interest Rate Rises Concern Shoppers

 

If you begin a search for a new home by going online to check out the Moorpark listings, it’s likely that one of the first search criteria you enter will be the price range. After all, unless you are a virtual looky-loo who is just checking out how the other half lives, your budget will dictate which homes you seriously consider. If you are one of the more than two-thirds of us who will be counting on a loan to help finance that home purchase, the monthly payment amount is really what matters.

 

That’s why you don’t have to be a dedicated number-cruncher to be keenly interested in the direction Moorpark mortgage interest rates are going to head. In fact, if you aren’t one of those whose idea of a good time includes working out spreadsheet calculations, it probably came as a shock the first time you realized how big a deal it is when Moorpark mortgage interest rates notch up or down even a single percentage point. If you’ve never sat down to look at the numbers, please sit down before continuing…

 

For a quick example, suppose you were Average American Homebuyer taking advantage of an average American home purchase just this past July. Your family income was a bit higher than the median of $55,000—say, $60,000—so if you went with the lenders’ standard rule that 28% of income is the most a housing budget should allow, that meant $1,400 would be your maximum mortgage payment.

 

You found a terrific buy—a brand new home at exactly the median U.S. new home price, $286,000. You had saved up diligently, so the 20% down payment was available. That made enough of a dent in the sales price to qualify for the median mortgage interest rate, which was July’s 4.05%. Your annual taxes and bank-required insurance came to an annual $3,000, which added $250 a month). The whole situation made you more than median-ly happy, because it meant that your monthly mortgage payment on the home’s 30-year fixed rate mortgage came to only $1,350. That provides $50 of breathing room…

 

But remember, this quick example is one that required you to sit down. Sooooo -- what’s the problem? It’s this talk about the Federal Reserve wanting to raise the federal funds target rate. That would have to trigger rises in the mortgage interest rates in Moorpark (and everywhere else). In our quick example, taxes and insurance costs stay the same; but suppose the mortgage interest rate notches up one little percentage point, to just 5.05%? That’s still below the historical average, yet the same home—and the same loan except for that one percent raise—now requires a monthly $1,486 payment. That crosses the budget recommendations—and although some lenders would likely consider other factors that might make the loan possible, that single percentage point rise does wind up costing Average American Homebuyer more than $1,630 a year (and nearly $50,000 over the life of the loan).

 

The reality is that prudent home shoppers are currently able to consider properties at higher price ranges than will be the case after mortgage interest rates rise. For them, the market is literally wider than it will become later.

 

A further note: August saw Moorpark mortgage interest rates fall below even July’s 4.05%. Another very good reason to give me a call!   805.990.7580 http://www.FineHomesByTinaHare.com


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  1. Photo of 4935 Hollyglen Court, Moorpark, CA 93021 (MLS # 218006190)
    26
    4 beds,  2 full, 1 half baths
    2,872 sqft   lot 10,599 sqft
    Walk Score® 17
    MLS 218006190
  2. Photo of 13180 View Mesa Street, Moorpark, CA 93021 (MLS # 218006151)
    30
    3 beds,  2 full, 1 half baths
    1,770 sqft   lot 7,823 sqft
    Walk Score® 13
    MLS 218006151
  3. Photo of 12441 Arbor Hill Street, Moorpark, CA 93021 (MLS # 218006108)
    47
    4 beds,  3 full, 1 half baths
    3,246 sqft   lot 11,663 sqft
    Walk Score® 16
    MLS 218006108
  4. Photo of 7104 Pecan Avenue, Moorpark, CA 93021 (MLS # 218006065)
    25
    3 beds,  2 full, 1 half baths
    1,622 sqft   lot 8,165 sqft
    Walk Score® 20
    MLS 218006065
  5. Photo of 11826 Catania Court, Moorpark, CA 93021 (MLS # SR18115830)
    10
    3 beds,  2 full, 1 half baths
    1,560 sqft   lot 1,126 sqft
    Walk Score® 47
    MLS SR18115830
  6. Photo of 14176 Maya Circle, Moorpark, CA 93021 (MLS # 218006048)
    60
    5 beds,  3 full, 1 half baths
    3,680 sqft   lot 7,816 sqft
    Walk Score® 18
    MLS 218006048
  7. Photo of 4450 Forestglen Court, Moorpark, CA 93021 (MLS # 218006041)
    22
    3 beds,  2 full, 1 half baths
    1,826 sqft   lot 4,327 sqft
    Walk Score® 29
    MLS 218006041
  8. Photo of 272 Harry Street, Moorpark, CA 93021 (MLS # 218006022)
    4
    3 beds,  2 full baths
    1,064 sqft   lot 6,011 sqft
    Walk Score® 55
    MLS 218006022
  9. Photo of 11824 Sortino Court, Unit 16, Moorpark, CA 93021 (MLS # 818002349)
    30
    3 beds,  2 full, 1 half baths
    1,850 sqft   lot 1,355 sqft
    Walk Score® 47
    MLS 818002349
  10. Photo of 11804 Sortino Court, Moorpark, CA 93021 (MLS # 218005964)
    33
    3 beds,  2 full, 1 half baths
    1,850 sqft   lot 1,354 sqft
    Walk Score® 45
    MLS 218005964
  11. Photo of 12966 Silver Creek Street, Moorpark, CA 93021 (MLS # 218005959)
    27
    3 beds,  2 full, 1 half baths
    1,770 sqft   lot 7,659 sqft
    Walk Score® 19
    MLS 218005959
  12. Photo of 14611 Marymount Street, Moorpark, CA 93021 (MLS # 218005949)
    17
    3 beds,  2 full baths
    1,365 sqft   lot 4,498 sqft
    Walk Score® 11
    MLS 218005949
  13. Photo of 15412 Braun Court, Moorpark, CA 93021 (MLS # 218005902)
    25
    3 beds,  2 full baths
    1,123 sqft   lot 5,564 sqft
    Walk Score® 19
    MLS 218005902
  14. Photo of 4110 SHADY POINT DR, Moorpark, CA 93021 (MLS # 18343502)
    32
    4 beds,  3 full baths
    2,396 sqft   lot 8,325 sqft
    Walk Score® 14
    MLS 18343502
  15. Photo of 6479 Penn Street, Unit A, Moorpark, CA 93021 (MLS # 218005869)
    21
    3 beds,  2 full, 1 half baths
    1,514 sqft   lot 1,742 sqft
    Walk Score® 28
    MLS 218005869
  16. Photo of 11959 Bubbling Brook Street, Moorpark, CA 93021 (MLS # 218005832)
    33
    4 beds,  2 full, 1 half baths
    2,528 sqft   lot 4,650 sqft
    Walk Score® 46
    MLS 218005832
  17. Photo of 12415 Willow Forest Drive, Moorpark, CA 93021 (MLS # 218005829)
    36
    3 beds,  2 full, 1 half baths
    2,112 sqft   lot 7,030 sqft
    Walk Score® 40
    MLS 218005829
  18. Photo of 4810 Elderberry Avenue, Moorpark, CA 93021 (MLS # 218005816)
    26
    3 beds,  2 full, 1 half baths
    1,367 sqft   lot 3,200 sqft
    Walk Score® 44
    MLS 218005816
  19. Photo of 13345 Pembury Court, Moorpark, CA 93021 (MLS # 218005814)
    2
    3 beds,  2 full, 1 half baths
    1,934 sqft   lot 3,197 sqft
    Walk Score® 66
    MLS 218005814
  20. Photo of 35 Charles Street, Unit B, Moorpark, CA 93021 (MLS # 218005791)
    34
    3 beds,  2 full baths
    1,400 sqft   lot 6,967 sqft
    Walk Score® 58
    MLS 218005791
  21. Photo of 11811 Darlene Lane, Moorpark, CA 93021 (MLS # 218005778)
    42
    Price Drop
    6 beds,  5 full, 1 half baths
    6,805 sqft   lot 9.08 ac
    Walk Score® 3
    MLS 218005778
  22. Photo of 6453 Marquette Street, Unit A, Moorpark, CA 93021 (MLS # 218005769)
    18
    2 beds,  1 full, 1 three-quarter baths
    1,012 sqft   lot 1,742 sqft
    Walk Score® 33
    MLS 218005769
  23. Photo of 13588 Chesterfield Drive, Moorpark, CA 93021 (MLS # 218005678)
    22
    5 beds,  3 full baths
    2,643 sqft   lot 8,341 sqft
    Walk Score® 20
    MLS 218005678
  24. Photo of 14354 Shawnee Street, Moorpark, CA 93021 (MLS # 218005667)
    37
    4 beds,  3 full baths
    2,912 sqft   lot 6,785 sqft
    Walk Score® 26
    MLS 218005667
  25. Photo of 6875 Hogan Street, Moorpark, CA 93021 (MLS # 218005657)
    100
    6 beds,  6 full, 1 half baths
    7,027 sqft   lot 18,785 sqft
    Walk Score® 0
    MLS 218005657
  26. Photo of 10729 Citrus Drive, Moorpark, CA 93021 (MLS # 218005591)
    28
    3 beds,  2 full baths
    1,536 sqft   lot 1.00 ac
    Walk Score® 1
    MLS 218005591
  27. Photo of 4868 Penrose Avenue, Moorpark, CA 93021 (MLS # 218005557)
    6
    Price Drop
    3 beds,  2 full, 1 half baths
    1,367 sqft   lot 3,200 sqft
    Walk Score® 37
    MLS 218005557
  28. Photo of 11535 Wildflower Court, Moorpark, CA 93021 (MLS # 218005538)
    49
    4 beds,  3 full baths
    2,729 sqft   lot 6,500 sqft
    Walk Score® 12
    MLS 218005538
  29. Photo of 11510 Wildflower Court, Moorpark, CA 93021 (MLS # 218005503)
    49
    4 beds,  3 full baths
    2,800 sqft   lot 6,785 sqft
    Walk Score® 12
    MLS 218005503
  30. Photo of 14091 Black Rock Circle, Moorpark, CA 93021 (MLS # SR18100067)
    40
    5 beds,  4 full baths
    3,561 sqft   lot 12,593 sqft
    Walk Score® 2
    MLS SR18100067
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