Moorpark CA Real Estate
Tina Hare
805-394-4581805-394-4581

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 14041 Fox Glove Drive, Moorpark, CA 93021 (MLS # 217007669)
    44
    4 beds,  3 full baths
    2,385 sqft   lot 5,187 sqft
    MLS 217007669
  2. Photo of 150 East Los Angeles Avenue, Unit 208, Moorpark, CA 93021 (MLS # 217007647)
    17
    Open House
    2 beds,  1 full, 1 three-quarter baths
    936 sqft   lot 848 sqft
    Walk Score® 72
    MLS 217007647
  3. Photo of 4027 Brindisi Place, Moorpark, CA 93021 (MLS # SR17141972)
    18
    3 beds,  2 full, 1 half baths
    1,547 sqft   lot 779 sqft
    MLS SR17141972
  4. Photo of 11556 Coralberry Court, Moorpark, CA 93021 (MLS # SR17141138)
    27
    Open House
    5 beds,  3 full baths
    2,729 sqft   lot 6,500 sqft
    Walk Score® 19
    MLS SR17141138
  5. Photo of 15374 Braun Court, Moorpark, CA 93021 (MLS # 217007603)
    22
    3 beds,  2 full, 1 half baths
    1,530 sqft   lot 5,417 sqft
    Walk Score® 20
    MLS 217007603
  6. Photo of 4380 Clearwood Road, Moorpark, CA 93021 (MLS # 217007516)
    31
    Open House
    4 beds,  3 full, 1 half baths
    4,356 sqft   lot 6,480 sqft
    Walk Score® 55
    MLS 217007516
  7. Photo of 15008 Campus Park Drive, Unit D, Moorpark, CA 93021 (MLS # SR17139844)
    15
    Open House
    3 beds,  1 full, 1 half baths
    1,295 sqft   lot 1,306 sqft
    Walk Score® 30
    MLS SR17139844
  8. Open House
    3 beds,  2 full baths
    1,191 sqft   lot 6,045 sqft
    Walk Score® 74
    MLS 217007485
  9. Photo of 4092 Winter Wood Court, Moorpark, CA 93021 (MLS # 217007414)
    51
    5 beds,  4 full, 1 half baths
    3,631 sqft   lot 12,887 sqft
    Walk Score® 64
    MLS 217007414
  10. Photo of 6693 Westwood Street, Moorpark, CA 93021 (MLS # 217007491)
    30
    3 beds,  2 full baths
    1,241 sqft   lot 6,774 sqft
    Walk Score® 17
    MLS 217007491
  11. Photo of 4837 Edenbridge Road, Moorpark, CA 93021 (MLS # 217007377)
    31
    3 beds,  2 full, 1 half baths
    1,971 sqft   lot 2,946 sqft
    Walk Score® 56
    MLS 217007377
  12. Photo of 13166 Thomasville Court, Moorpark, CA 93021 (MLS # SR17125979)
    39
    Open House
    4 beds,  3 full baths
    2,209 sqft   lot 23,125 sqft
    Walk Score® 11
    MLS SR17125979
  13. Photo of 4746 Avedon Road, Moorpark, CA 93021 (MLS # 217007351)
    22
    4 beds,  2 full baths
    2,100 sqft   lot 6,500 sqft
    Walk Score® 41
    MLS 217007351
  14. Photo of 150 Majestic Court, Unit 1009, Moorpark, CA 93021 (MLS # 217007218)
    23
    2 beds,  2 full baths
    960 sqft   lot 831 sqft
    Walk Score® 66
    MLS 217007218
  15. Photo of 6974 Hogan Street, Moorpark, CA 93021 (MLS # 217007152)
    33
    5 beds,  5 full, 1 half baths
    5,364 sqft   lot 17,809 sqft
    Walk Score® 1
    MLS 217007152
  16. Photo of 4777 Dartmoor Court, Moorpark, CA 93021 (MLS # 217007143)
    6
    4 beds,  2 full, 1 half baths
    1,863 sqft   lot 3,023 sqft
    Walk Score® 66
    MLS 217007143
  17. Photo of 15329 Bambi Court, Moorpark, CA 93021 (MLS # 217007101)
    42
    4 beds,  2 full, 1 half baths
    1,868 sqft   lot 5,520 sqft
    Walk Score® 38
    MLS 217007101
  18. Photo of 15242 Campus Park Drive, Unit A, Moorpark, CA 93021 (MLS # 217007063)
    21
    3 beds,  2 full baths
    1,199 sqft   lot 1,207 sqft
    Walk Score® 34
    MLS 217007063
  19. Photo of 6137 Grimes Canyon Road, Moorpark, CA 93021 (MLS # 217007065)
    24
    6 beds,  4 full, 1 half baths
    4,635 sqft   lot 17.71 ac
    Walk Score® 0
    MLS 217007065
  20. Photo of 7124 Crimora Avenue, Moorpark, CA 93021 (MLS # 217006943)
    21
    4 beds,  3 full baths
    2,385 sqft   lot 3,676 sqft
    Walk Score® 0
    MLS 217006943
  21. Photo of 6572 Pinnacle Court, Moorpark, CA 93021 (MLS # 217006869)
    37
    Open House
    4 beds,  2 full, 1 half baths
    2,856 sqft   lot 4,500 sqft
    Walk Score® 2
    MLS 217006869
  22. Photo of 550 Charles Street, Moorpark, CA 93021 (MLS # SR17128776)
    12
    Price Drop
    Open House
    3 beds,  2 full baths
    1,727 sqft   lot 820 sqft
    Walk Score® 71
    MLS SR17128776
  23. Photo of 14011 Eaton Hollow Avenue, Moorpark, CA 93021 (MLS # 217006861)
    80
    5 beds,  4 full baths
    3,211 sqft   lot 8,895 sqft
    Walk Score® 2
    MLS 217006861
  24. Photo of 11290 Crenshaw Street, Moorpark, CA 93021 (MLS # 217006858)
    10
    Price Drop
    4 beds,  4 full, 1 half baths
    4,358 sqft   lot 14,019 sqft
    Walk Score® 3
    MLS 217006858
  25. Photo of 7367 Nicklaus Road, Moorpark, CA 93021 (MLS # 217006795)
    41
    4 beds,  4 full, 1 half baths
    4,358 sqft   lot 17,721 sqft
    Walk Score® 0
    MLS 217006795
  26. Photo of 5500 Grimes Canyon Road, Moorpark, CA 93021 (MLS # 217006650)
    63
    5 beds,  0 baths
    5,613 sqft   lot 20.53 ac
    Walk Score® 0
    MLS 217006650
  27. Photo of 7348 Rocky Top Circle, Moorpark, CA 93021 (MLS # 217006626)
    34
    Price Drop
    Open House
    5 beds,  5 full, 1 half baths
    4,827 sqft   lot 17,187 sqft
    Walk Score® 0
    MLS 217006626
  28. Photo of 13920 Eaton Hollow Avenue, Moorpark, CA 93021 (MLS # 217006609)
    29
    4 beds,  2 full, 1 half baths
    2,600 sqft   lot 7,673 sqft
    Walk Score® 2
    MLS 217006609
  29. Photo of 4713 Avedon Road, Moorpark, CA 93021 (MLS # 217006572)
    3
    Pre-Foreclosure
    or Short Sale
    3 beds,  2 full baths
    1,238 sqft   lot 7,207 sqft
    Walk Score® 34
    MLS 217006572
  30. Photo of 4381 Country Meadow Street, Moorpark, CA 93021 (MLS # 217006556)
    45
    4 beds,  3 full baths
    2,701 sqft   lot 6,546 sqft
    Walk Score® 28
    MLS 217006556
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