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. 5 beds,  4 full, 1 half baths
    5,109 sqft   lot 34,009 sqft
    Walk Score® 0
    MLS SR17193750
  2. Photo of 14578 Corkwood Drive, Moorpark, CA 93021 (MLS # 217010293)
    39
    4 beds,  2 full, 1 half baths
    3,029 sqft   lot 6,588 sqft
    Walk Score® 10
    MLS 217010293
  3. 3 beds,  2 full, 1 half baths
    1,367 sqft   lot 4,188 sqft
    Walk Score® 45
    MLS 217010333
  4. Photo of 4213 Laurelview Drive, Moorpark, CA 93021 (MLS # 217010239)
    39
    5 beds,  4 full, 1 half baths
    3,968 sqft   lot 7,841 sqft
    Walk Score® 41
    MLS 217010239
  5. Photo of 12218 Nelson Road, Moorpark, CA 93021 (MLS # 217010230)
    37
    5 beds,  5 full, 1 half baths
    4,764 sqft   lot 14,434 sqft
    Walk Score® 4
    MLS 217010230
  6. Photo of 11158 Lopez Court, Moorpark, CA 93021 (MLS # 217010227)
    50
    5 beds,  5 full, 1 half baths
    5,015 sqft   lot 25,509 sqft
    Walk Score® 1
    MLS 217010227
  7. Photo of 11892 Maple Crest Street, Moorpark, CA 93021 (MLS # SR17188651)
    35
    4 beds,  3 full, 1 half baths
    3,509 sqft   lot 10,897 sqft
    Walk Score® 42
    MLS SR17188651
  8. Photo of 561 Spring Road, Unit 42, Moorpark, CA 93021 (MLS # 217010169)
    9
    3 beds,  2 full, 1 half baths
    1,270 sqft   lot 3,049 sqft
    Walk Score® 59
    MLS 217010169
  9. Photo of 7124 Bergamot Avenue, Moorpark, CA 93021 (MLS # 217010144)
    56
    4 beds,  2 full, 1 half baths
    2,402 sqft   lot 7,978 sqft
    Walk Score® 1
    MLS 217010144
  10. Photo of 13183 Westcott Court, Moorpark, CA 93021 (MLS # 217010099)
    33
    3 beds,  2 full, 1 half baths
    1,589 sqft   lot 3,101 sqft
    Walk Score® 72
    MLS 217010099
  11. Photo of 7367 Nicklaus Road, Moorpark, CA 93021 (MLS # 217010012)
    41
    Price Drop
    4 beds,  4 full, 1 half baths
    4,358 sqft   lot 17,721 sqft
    Walk Score® 0
    MLS 217010012
  12. Photo of 13891 Bear Fence Court, Moorpark, CA 93021 (MLS # 217009993)
    59
    4 beds,  3 full, 1 half baths
    2,600 sqft   lot 8,886 sqft
    Walk Score® 2
    MLS 217009993
  13. Photo of 11521 Poppyglen Court, Moorpark, CA 93021 (MLS # SR17190238)
    26
    5 beds,  3 full baths
    3,069 sqft   lot 6,733 sqft
    Walk Score® 22
    MLS SR17190238
  14. Photo of 4608 Pepper Mill Street, Moorpark, CA 93021 (MLS # 217009948)
    34
    4 beds,  3 full baths
    2,612 sqft   lot 7,167 sqft
    Walk Score® 22
    MLS 217009948
  15. Photo of 7318 Range View Circle, Moorpark, CA 93021 (MLS # 217009926)
    44
    6 beds,  5 full, 1 half baths
    4,827 sqft   lot 19,422 sqft
    Walk Score® 0
    MLS 217009926
  16. Photo of 15054 Varsity Street, Unit F, Moorpark, CA 93021 (MLS # 217009901)
    14
    3 beds,  2 full, 1 half baths
    1,514 sqft   lot 1,306 sqft
    Walk Score® 29
    MLS 217009901
  17. Photo of 7118 Oswego Court, Moorpark, CA 93021 (MLS # 217009867)
    38
    4 beds,  2 full, 1 half baths
    2,402 sqft   lot 3,525 sqft
    Walk Score® 0
    MLS 217009867
  18. Photo of 11721 Pinedale Road, Moorpark, CA 93021 (MLS # 217009873)
    35
    4 beds,  3 full, 1 half baths
    3,949 sqft   lot 6,758 sqft
    Walk Score® 65
    MLS 217009873
  19. Photo of 11806 Barletta Place, Moorpark, CA 93021 (MLS # 217009837)
    17
    Price Drop
    2 beds,  2 full, 1 half baths
    1,420 sqft   lot 708 sqft
    Walk Score® 64
    MLS 217009837
  20. Photo of 11563 Country Creek Court, Moorpark, CA 93021 (MLS # 217009725)
    24
    Price Drop
    3 beds,  2 full, 1 half baths
    1,502 sqft   lot 709 sqft
    Walk Score® 50
    MLS 217009725
  21. Photo of 8404 Waters Road, Moorpark, CA 93021 (MLS # 217009644)
    32
    5 beds,  3 full, 1 half baths
    lot 99.90 ac
    Walk Score® 0
    MLS 217009644
  22. Photo of 15713 Graduate Circle, Moorpark, CA 93021 (MLS # SR17178049)
    46
    4 beds,  3 full baths
    2,379 sqft   lot 6,596 sqft
    Walk Score® 13
    MLS SR17178049
  23. Photo of 12510 Crystal Ranch Road, Moorpark, CA 93021 (MLS # 217009590)
    43
    Price Drop
    4 beds,  3 full baths
    2,909 sqft   lot 7,775 sqft
    Walk Score® 20
    MLS 217009590
  24. Photo of 6485 Grimes Canyon Road, Moorpark, CA 93021 (MLS # 217009584)
    69
    5 beds,  2 full, 2 three-quarter, 1 half baths
    4,600 sqft   lot 21.96 ac
    Walk Score® 0
    MLS 217009584
  25. Photo of 4278 Hitch Boulevard, Moorpark, CA 93021 (MLS # 217009588)
    66
    3 beds,  2 full baths
    1,800 sqft   lot 30,558 sqft
    Walk Score® 4
    MLS 217009588
  26. Photo of 10759 Citrus Drive, Moorpark, CA 93021 (MLS # 217009615)
    39
    Price Drop
    3 beds,  3 full, 1 half baths
    5,246 sqft   lot 32,670 sqft
    Walk Score® 1
    MLS 217009615
  27. Photo of 633 Charles Street, Moorpark, CA 93021 (MLS # SR17174910)
    45
    Price Drop
    4 beds,  2 full, 1 half baths
    2,066 sqft   lot 13,842 sqft
    Walk Score® 49
    MLS SR17174910
  28. Photo of 11506 Chestnut Ridge Street, Moorpark, CA 93021 (MLS # SR17175337)
    9
    5 beds,  4 full baths
    3,631 sqft   lot 23,884 sqft
    Walk Score® 34
    MLS SR17175337
  29. Photo of 15385 Bambi Court, Moorpark, CA 93021 (MLS # 217009366)
    31
    4 beds,  2 full, 1 half baths
    1,868 sqft   lot 5,907 sqft
    Walk Score® 38
    MLS 217009366
  30. Photo of 4134 Santa Rosa Drive, Moorpark, CA 93021 (MLS # 217009413)
    41
    6 beds,  4 full baths
    4,352 sqft   lot 40,178 sqft
    Walk Score® 14
    MLS 217009413
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