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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,  3 full, 1 three-quarter, 1 half, 1 quarter baths
    3,192 sqft   lot 7,288 sqft
    Walk Score® 24
    MLS 217003267
  2. Photo of 15234 Campus Park Drive, Unit A, Moorpark, CA 93021 (MLS # 217003256)
    9
    2 beds,  2 full baths
    1,029 sqft   lot 1,094 sqft
    Walk Score® 34
    MLS 217003256
  3. Photo of 7108 Trevino Drive, Moorpark, CA 93021 (MLS # 217003250)
    55
    4 beds,  4 full, 1 half baths
    4,035 sqft   lot 20,246 sqft
    Walk Score® 3
    MLS 217003250
  4. Photo of 11651 Pinedale Road, Moorpark, CA 93021 (MLS # 217003210)
    30
    4 beds,  3 full, 1 half baths
    3,949 sqft   lot 6,380 sqft
    Walk Score® 51
    MLS 217003210
  5. Photo of 4387 Amberwick Lane, Moorpark, CA 93021 (MLS # 217003198)
    17
    3 beds,  2 full baths
    1,224 sqft   lot 4,753 sqft
    Walk Score® 20
    MLS 217003198
  6. Photo of 13791 Gunsmoke Road, Moorpark, CA 93021 (MLS # 217003183)
    45
    Open House
    4 beds,  3 full baths
    2,826 sqft   lot 17,095 sqft
    Walk Score® 13
    MLS 217003183
  7. Photo of 7152 Crimora Avenue, Moorpark, CA 93021 (MLS # 217003155)
    33
    Open House
    Pre-Foreclosure
    or Short Sale
    4 beds,  3 full baths
    2,311 sqft   lot 5,065 sqft
    Walk Score® 0
    MLS 217003155
  8. Photo of 7343 Nicklaus Road, Moorpark, CA 93021 (MLS # 217003137)
    54
    Open House
    4 beds,  4 full, 1 half baths
    4,358 sqft   lot 15,781 sqft
    Walk Score® 0
    MLS 217003137
  9. Photo of 11958 River Grove Court, Moorpark, CA 93021 (MLS # 217003236)
    29
    4 beds,  2 full, 1 half baths
    2,550 sqft   lot 6,132 sqft
    Walk Score® 63
    MLS 217003236
  10. Photo of 6844 Simmons Way, Moorpark, CA 93021 (MLS # 217003158)
    33
    4 beds,  3 full baths
    1,816 sqft   lot 837 sqft
    Walk Score® 2
    MLS 217003158
  11. Photo of 13151 GOLONDRINA ST, Moorpark, CA 93021 (MLS # 17213274)
    14
    Open House
    4 beds,  2 full baths
    1,770 sqft   lot 5,788 sqft
    Walk Score® 22
    MLS 17213274
  12. Photo of 4485 Clearcreek Court, Moorpark, CA 93021 (MLS # 217003045)
    51
    Open House
    3 beds,  3 full baths
    2,612 sqft   lot 9,355 sqft
    Walk Score® 21
    MLS 217003045
  13. Photo of 13209 Shadow Wood Place, Moorpark, CA 93021 (MLS # SR17058238)
    39
    4 beds,  4 full baths
    3,062 sqft   lot 21,024 sqft
    Walk Score® 0
    MLS SR17058238
  14. Photo of 12059 Palmer Drive, Moorpark, CA 93021 (MLS # 217003024)
    10
    5 beds,  5 full, 1 half baths
    5,851 sqft   lot 19,095 sqft
    Walk Score® 7
    MLS 217003024
  15. Photo of 3902 Mondovi Court, Moorpark, CA 93021 (MLS # 217003047)
    27
    Open House
    4 beds,  3 full baths
    2,019 sqft   lot 1,515 sqft
    Walk Score® 48
    MLS 217003047
  16. Photo of 11837 Nightingale Street, Moorpark, CA 93021 (MLS # 217003018)
    14
    3 beds,  2 full, 1 half baths
    1,367 sqft   lot 3,300 sqft
    Walk Score® 36
    MLS 217003018
  17. Photo of 11829 Harvester Street, Moorpark, CA 93021 (MLS # 217002962)
    10
    3 beds,  2 full, 1 half baths
    1,367 sqft   lot 3,374 sqft
    Walk Score® 39
    MLS 217002962
  18. Photo of 4027 Milano Place, Moorpark, CA 93021 (MLS # SR17055163)
    30
    3 beds,  2 full, 1 half baths
    1,547 sqft   lot 778 sqft
    Walk Score® 55
    MLS SR17055163
  19. Photo of 15290 Bambi Court, Moorpark, CA 93021 (MLS # 217002883)
    23
    2 beds,  2 full baths
    1,172 sqft   lot 5,183 sqft
    Walk Score® 37
    MLS 217002883
  20. Photo of 13197 Sleepy Wind Street, Moorpark, CA 93021 (MLS # 217002863)
    26
    4 beds,  2 full, 1 three-quarter baths
    2,027 sqft   lot 9,120 sqft
    Walk Score® 11
    MLS 217002863
  21. Photo of 15290 Campus Park Drive, Unit B, Moorpark, CA 93021 (MLS # 217002867)
    22
    3 beds,  2 full baths
    1,199 sqft   lot 1,210 sqft
    Walk Score® 37
    MLS 217002867
  22. Photo of 11506 Willowood Court, Moorpark, CA 93021 (MLS # 217002825)
    40
    4 beds,  3 full baths
    2,533 sqft   lot 8,477 sqft
    Walk Score® 22
    MLS 217002825
  23. Photo of 7032 Hogan Street, Moorpark, CA 93021 (MLS # SR17050172)
    61
    Open House
    5 beds,  5 full, 1 half baths
    5,851 sqft   lot 14,490 sqft
    Walk Score® 1
    MLS SR17050172
  24. Photo of 6488 Cornell Circle, Moorpark, CA 93021 (MLS # 217002822)
    26
    4 beds,  2 full baths
    1,431 sqft   lot 10,728 sqft
    Walk Score® 22
    MLS 217002822
  25. Photo of 14420 East Purdue Street, Moorpark, CA 93021 (MLS # 217002718)
    36
    4 beds,  2 full baths
    1,431 sqft   lot 6,500 sqft
    Walk Score® 20
    MLS 217002718
  26. Photo of 12459 Villa Campesina Avenue, Moorpark, CA 93021 (MLS # 217002601)
    18
    3 beds,  2 full baths
    1,116 sqft   lot 3,600 sqft
    Walk Score® 34
    MLS 217002601
  27. Photo of 6145 Darlene Lane, Moorpark, CA 93021 (MLS # 217002505)
    54
    5 beds,  3 full baths
    3,248 sqft   lot 1.35 ac
    Walk Score® 3
    MLS 217002505
  28. Photo of 6913 Hastings Street, Moorpark, CA 93021 (MLS # SR17047152)
    41
    3 beds,  2 full, 1 half baths
    2,174 sqft   lot 10,386 sqft
    Walk Score® 12
    MLS SR17047152
  29. 3 beds,  1 full, 1 three-quarter baths
    1,068 sqft   lot 6,045 sqft
    Walk Score® 67
    MLS 217002543
  30. Photo of 13669 Hightop Street, Moorpark, CA 93021 (MLS # 217002511)
    19
    4 beds,  2 full, 1 three-quarter, 1 half baths
    3,275 sqft   lot 30,488 sqft
    Walk Score® 0
    MLS 217002511
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