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 7024 Baneberry Avenue, Moorpark, CA 93021 (MLS # 217014478)
    25
    4 beds,  2 full, 1 three-quarter baths
    2,385 sqft   lot 4,257 sqft
    Walk Score® 1
    MLS 217014478
  2. Photo of 11800 Sortino Court, Moorpark, CA 93021 (MLS # SR17273708)
    41
    Open House
    3 beds,  2 full, 1 half baths
    1,560 sqft   lot 1,125 sqft
    Walk Score® 62
    MLS SR17273708
  3. Photo of 13299 Shadow Wood Place, Moorpark, CA 93021 (MLS # 217014450)
    32
    5 beds,  5 full, 1 half baths
    4,293 sqft   lot 9,293 sqft
    Walk Score® 3
    MLS 217014450
  4. Photo of 14819 BLUE RIDGE COURT, Moorpark, CA 93021 (MLS # 217014379)
    35
    4 beds,  3 full baths
    2,960 sqft   lot 14,192 sqft
    Walk Score® 1
    MLS 217014379
  5. Photo of 15444 DRACENA AVENUE, Moorpark, CA 93021 (MLS # 217014319)
    19
    3 beds,  2 full baths
    1,754 sqft   lot 5,152 sqft
    Walk Score® 19
    MLS 217014319
  6. Photo of 12416 PALMER DRIVE, Moorpark, CA 93021 (MLS # 217014298)
    62
    5 beds,  5 full, 1 half baths
    4,764 sqft   lot 19,637 sqft
    Walk Score® 1
    MLS 217014298
  7. Photo of 6404 Linville Court, Moorpark, CA 93021 (MLS # 217014276)
    30
    Price Drop
    4 beds,  2 full, 1 half baths
    2,437 sqft   lot 9,758 sqft
    Walk Score® 19
    MLS 217014276
  8. Photo of 15054 VARSITY STREET, Unit F, Moorpark, CA 93021 (MLS # 217014221)
    18
    3 beds,  2 full, 1 half baths
    1,514 sqft   lot 1,306 sqft
    Walk Score® 29
    MLS 217014221
  9. Photo of 12318 Nelson Road, Moorpark, CA 93021 (MLS # SR17267450)
    24
    Open House
    4 beds,  4 full, 1 half baths
    4,035 sqft   lot 19,316 sqft
    Walk Score® 2
    MLS SR17267450
  10. Photo of 14302 Peach Hill Road, Moorpark, CA 93021 (MLS # 217013982)
    57
    5 beds,  3 full baths
    2,729 sqft   lot 8,048 sqft
    Walk Score® 22
    MLS 217013982
  11. Photo of 15034 Varsity Street, Unit F, Moorpark, CA 93021 (MLS # SR17263023)
    24
    3 beds,  1 full, 1 three-quarter, 1 half baths
    1,514 sqft   lot 1,306 sqft
    Walk Score® 29
    MLS SR17263023
  12. Photo of 6581 North Duke Street, Moorpark, CA 93021 (MLS # 217013889)
    19
    Open House
    3 beds,  2 full baths
    1,241 sqft   lot 6,695 sqft
    Walk Score® 25
    MLS 217013889
  13. Photo of 136 1ST STREET, Moorpark, CA 93021 (MLS # 217013882)
    3
    Price Drop
    2 beds,  1 full bath
    812 sqft   lot 7,500 sqft
    Walk Score® 80
    MLS 217013882
  14. Photo of Moorpark, CA 93021 (MLS # 217013928)
    5
    4 beds,  2 full, 1 half baths
    2,872 sqft   lot 10,599 sqft
    MLS 217013928
  15. Photo of 12066 NELSON ROAD, Moorpark, CA 93021 (MLS # SR17257901)
    43
    5 beds,  5 full, 1 half baths
    5,851 sqft   lot 20,327 sqft
    Walk Score® 6
    MLS SR17257901
  16. Photo of 15136 VARSITY STREET, Unit G, Moorpark, CA 93021 (MLS # 217013644)
    19
    3 beds,  2 full baths
    1,339 sqft   lot 1,742 sqft
    Walk Score® 32
    MLS 217013644
  17. Photo of 13207 PEACH HILL ROAD, Moorpark, CA 93021 (MLS # 217013622)
    20
    4 beds,  2 full baths
    1,770 sqft   lot 5,892 sqft
    Walk Score® 14
    MLS 217013622
  18. Photo of 6805 SIMMONS WAY, Moorpark, CA 93021 (MLS # SR17257204)
    24
    3 beds,  2 full baths
    1,189 sqft   lot 1,006 sqft
    Walk Score® 2
    MLS SR17257204
  19. Photo of 1590 ESPERANCE DRIVE, Moorpark, CA 93021 (MLS # SR17252671)
    75
    5 beds,  6 full, 1 half baths
    5,727 sqft   lot 22.73 ac
    Walk Score® 4
    MLS SR17252671
  20. Photo of 12200 London Grove Court, Moorpark, CA 93021 (MLS # 217014261)
    39
    Open House
    4 beds,  2 full, 1 half baths
    3,026 sqft   lot 8,483 sqft
    Walk Score® 38
    MLS 217014261
  21. Photo of 7227 PECAN AVENUE, Moorpark, CA 93021 (MLS # SR17250392)
    8
    4 beds,  2 full, 1 half baths
    1,775 sqft   lot 5,895 sqft
    Walk Score® 20
    MLS SR17250392
  22. Photo of 305 ESTHER AVENUE, Moorpark, CA 93021 (MLS # 217013159)
    37
    3 beds,  1 full, 1 half baths
    1,118 sqft   lot 6,000 sqft
    Walk Score® 70
    MLS 217013159
  23. Photo of 4994 READ ROAD, Moorpark, CA 93021 (MLS # 217013505)
    53
    4 beds,  4 full, 1 half baths
    5,176 sqft   lot 1.83 ac
    Walk Score® 2
    MLS 217013505
  24. Photo of 14660 STANFORD STREET, Unit 93021, Moorpark, CA 93021 (MLS # 217013082)
    31
    3 beds,  2 full baths
    1,611 sqft   lot 6,795 sqft
    Walk Score® 22
    MLS 217013082
  25. Photo of 7316 AUGUSTA DRIVE, Moorpark, CA 93021 (MLS # 217012952)
    3
    4 beds,  4 full, 1 half baths
    4,195 sqft   lot 14,417 sqft
    Walk Score® 3
    MLS 217012952
  26. Photo of 11667 NORTHDALE DRIVE, Moorpark, CA 93021 (MLS # 217012904)
    20
    5 beds,  2 full, 1 three-quarter, 1 half baths
    2,858 sqft   lot 6,325 sqft
    Walk Score® 55
    MLS 217012904
  27. Photo of 12090 Nelson Road, Moorpark, CA 93021 (MLS # 317006495)
    63
    5 beds,  5 full, 1 half baths
    5,364 sqft   lot 17,572 sqft
    Walk Score® 6
    MLS 317006495
  28. Photo of 4611 PEPPER MILL STREET, Moorpark, CA 93021 (MLS # SR17240997)
    43
    4 beds,  2 full, 1 half baths
    2,533 sqft   lot 6,500 sqft
    Walk Score® 17
    MLS SR17240997
  29. Photo of 8420 WATERS ROAD, Moorpark, CA 93021 (MLS # 217012750)
    31
    4 beds,  3 full, 2 half baths
    3,600 sqft   lot 10.04 ac
    Walk Score® 0
    MLS 217012750
  30. Photo of 6544 NORTH AMHERST STREET, Moorpark, CA 93021 (MLS # 217012735)
    37
    4 beds,  2 full baths
    2,139 sqft   lot 6,527 sqft
    Walk Score® 29
    MLS 217012735
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